According to CoinMeta, based on the monitoring of early in and the analysis by analyst Axel Adler Jr, the NUPl for Bitcoin holders with a holding period of 0-3 months has narrowed from -0.13 in June to -0.02, approaching break-even. For holders with a holding period of 3-6 months, the NUPl is at -0.14, and the market value decline has deepened from -53% to -69.6%. Holders with a 0-3 month holding period have experienced a market value decline of approximately -64%. Axel Adler Jr indicates that holders with a 0-3 month holding period are close to breaking even, but those with a 3-6 month holding period are still in the red. For the market to improve, it is necessary for the NUPl of 3-6 month holders to return above zero and for the market value decline to stop deepening.