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Analysis: Bitcoin's UTXO metric indicates that the market is entering a "capitulation phase" or is close to the bottom area of a cycle.

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ME News: June 28 (UTC+8), CryptoQuant analyst Darkfost stated that Bitcoin Unspent Transaction Output (UTXO) data shows that the current ratio of loss-making transactions to profitable transactions in the market has dropped 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 historical cycle bottom zones. The last similar low occurred during the deep phase of the mid-2023 bear market, when Bitcoin prices fell to around $26,000. Analysts believe such phases typically correspond to extremely low market sentiment, with long-term investors beginning to gradually accumulate positions again. Darkfost pointed out that this is the first time this signal has been triggered since the start of the current pullback, indicating that the number of UTXOs sold at a loss is rising significantly, reflecting the onset of broader selling and capitulation. He also added that the Spent Output Profit Ratio (SOPR) of long-term holders is gradually entering negative territory. (Source: ChainCatcher)
BTC-0.46%
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