That is technically correct but teams start negotiating and come to a verbal agreement with offers starting July 1st.Not to rely too much on technicalities, because your last sentence may be correct even now after the moratorium ended (8 minutes after you submitted the comment), but it would be strange for any RFA to have received an offer before the end of the moratorium. No offering team wants to give the player's original team extra time to think about matching. And the clock only can start ticking after the moratorium ended.