On June 18, CryptoQuant analyst Axel Adler Jr issued a post saying,"If we look at the entire long-term holder group, their current selling operations are close to the lowest level. In essence, long-term holders 'selling operations have reached current lows, which corresponds to the classic accumulation stage. In three of the four previous similar cases, this long-term holder behavior caused the price of Bitcoin to rise by 18% to 25% over the next 6 to 8 weeks. The current downturn in the binary indicator of long-term holders is supported by the positive potential for the number of days held in the chain and the MVRVZ-score value, which further enhances the possibility of Bitcoin's continued rise." Indicator interpretation: MVRV Z-score value of 0 indicates that the valuation is neutral, and ±1 represents an extreme level.