Analyst: Bitcoin UTXO Indicator Suggests Market Enters Capitulation Phase, Possibly Near Cycle Bottom

Odaily reported that according to Darkfost, Bitcoin UTXO data shows that the ratio of loss-making transaction volume to profitable transaction volume in the current market has dropped to the lowest level of this bear market cycle, indicating that investors are entering a clear "capitulation" phase. This indicator has been triggered multiple times at historical cycle bottoms. The last time a similar low appeared was during the deep phase of the bear market in mid-2023, when Bitcoin's price once fell to around $26,000.