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Opinion: Bitcoin UTXO indicator triggers first capitulation signal of this bear market, potentially entering a bottoming phase.

MarsBitNews
Mars Finance News, June 28th - CryptoQuant analyst Darkfost stated that the Bitcoin Unspent Transaction Output (UTXO) profit-loss ratio has fallen to its lowest level since the current bear market, indicating that the market is entering a broader "capitulation" phase. This is the first time this indicator has sent such a signal since the start of this adjustment. Darkfost pointed out that the number of UTXOs currently being sold at a loss has reached a significant level. Historically, this phase often corresponds to the bottom area of a bear market and provides better allocation opportunities for long-term investors. The last time this indicator fell to a similar level was in mid-2023, when Bitcoin prices once dropped to around $26k. Another analyst, DurdenBTC, also stated that the UTXO bottom signal has been triggered. This indicator has successfully captured every market bottom since 2016. However, the actual bottoming process still requires time, and short-term market sentiment may remain sluggish. Darkfost further stated that the Spent Output Profit Ratio (SOPR) for long-term holders is gradually turning into negative territory, indicating that long-term holders are beginning to enter a capitulation phase. Meanwhile, this adjustment has been mainly driven by short-term holders transferring large amounts of Bitcoin to exchanges. On-chain analysis firm Swissblock believes that Bitcoin has largely completed the first phase of its decline and is currently in a bottom-building phase, with prices stabilizing but market momentum still weak. In addition, heightened risk aversion in the market followed the US weekend airstrikes on Iranian targets. Bitcoin briefly dropped to $59,800 before rebounding to around $60,100.
BTC-0.37%
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