Bitcoin is showing early signs of a macro bottom even as analysts stop short of calling a definitive low, with CryptoQuant saying adjusted Net Unrealized Profit/Loss (aNUPL, an on-chain measure of paper gains and losses) for long-term holders has turned negative and fallen below the broader market average, a pattern seen at every major cycle bottom. The largest cryptocurrency recently traded at $63,362, little changed over 24 hours, down nearly 2% over the past week and nearly 50% below its October record of $126,080. Separate CryptoQuant data showed Bitcoin's 90-day correlation with gold reversing from nearly -0.9 in early 2026 to around +0.7, reviving the digital-gold narrative, although analysts said the current readings have not yet reached the deeper "depression territory" seen at prior lows and warned that positive correlation with gold is not inherently bullish. CryptoQuant said one more capitulation phase may still be needed, though stronger institutional demand and a more resilient holder base could allow this cycle to bottom with less damage than in the past.