Bitcoin UTXO Indicator Hits Cycle Low as Investors Enter Capitulation Phase, Analyst Says

BTC-0.47%
According to Cointelegraph, CryptoQuant analyst Darkfost said on June 28 that Bitcoin's UTXO (unspent transaction output) data shows investors are entering a capitulation phase, with the loss-to-profit ratio hitting its lowest level in the current bear cycle. The indicator has previously triggered at historical market bottoms, including in mid-2023 when Bitcoin fell to around $26,000. Darkfost noted this is the first time the signal has been activated since the recent pullback began, reflecting a significant rise in UTXOs being sold at a loss. He added that the Spent Output Profit Ratio (SOPR) for long-term Bitcoin holders is also entering negative territory.
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