Bitcoin unspent transaction output (UTXO) data shows that the current market loss-making transaction ratio/profit-making transaction ratio has fallen to the lowest level of this bear market cycle, indicating that investors are entering a clear 'capitulation' phase. This indicator has also been triggered multiple times in the historical cycle bottom area. The last similar low appeared in the mid-2023 bear market depth phase, when Bitcoin prices once fell to about $26,000. Analysis suggests that such a phase usually corresponds to extremely low market sentiment, and long-term investors begin to gradually re-accumulate chips.

Darkfost pointed out that this is the first time this signal has been triggered since the start of this pullback, indicating that the number of UTXOs sold at a loss is rising significantly, reflecting broader selling and capitulation behavior. At the same time, he added that the spending output profit ratio (SOPR) of long-term holders is also gradually entering negative territory.