Bitcoin Unspent Transaction Output (UTXO) data shows that the current market’s loss-making transaction proportion/profit-making transaction proportion has fallen to the lowest level in this bear market cycle, indicating that investors are entering a clear “capitulation” phase. This metric has also been triggered multiple times in past cycle bottom areas. The last similar low appeared in the mid-2023 deep bear market phase, when Bitcoin’s price at one point fell to around $26,000. Analysts believe that such phases typically correspond to extremely depressed market sentiment, and long-term investors begin to gradually re-accumulate coins.

Darkfost noted that this is the first time this signal has been triggered since the start of this round of retracement, indicating that the number of UTXOs being sold while at a loss has risen significantly, reflecting that broader sell-offs and capitulation behavior have already begun. He also added that the Bitcoin Spent Output Profit Ratio (SOPR) for long-term holders has gradually moved into negative territory.