Analysis: BTC Enters Pressure Test Phase, Loss-Making UTXOs Approach Historically High-Risk Range

Odaily According to a post by market analyst "COINDREAM" on the CryptoQuant platform, the proportion of Bitcoin UTXOs in loss has re-entered the 27-30% range, showing a high similarity to the decline pattern observed in May 2022. This indicator suggests that a significant number of market participants have shifted from profit to an unrealized loss position. The analysis points out that this range is not a simple bear market signal but a critical decision zone for market pressure: if it breaks above 30% and sustains, it could trigger further declines; if it stagnates and retreats within the 27-30% range, it indicates that selling pressure may have been exhausted, potentially heralding a trend recovery. The current phase is seen as a test of the extent to which the market has absorbed panic, rather than the beginning of panic.