TechFlow News, June 28: According to a Cointelegraph report, analysis of Bitcoin’s unspent transaction outputs (UTXOs) indicates investors are capitulating—selling off assets regardless of losses—a pattern historically aligned with bear market bottoms. CryptoQuant analyst Darkfost stated on Saturday that the ratio of UTXOs spent in profit versus those spent at a loss has fallen to the lowest level of this bear market cycle—the first time this signal has triggered since the onset of the current correction—suggesting the beginning of broader capitulation selling.
The report notes that this metric signals the market is entering a bottom-formation phase, potentially representing a strategically significant accumulation opportunity. The last time this indicator dropped to such lows was in mid-2023, deep within the prior bear market, when BTC’s price fell to approximately $26,000. Darkfost noted that such periods have historically been profitable for long-term investors, though he cautioned that realizing gains requires patience and time. Analyst DurdenBTC similarly observed that the UTXO ratio—the “bottom signal” he has been waiting for—has now triggered; this signal has successfully identified every cyclical low since 2016.
The report adds that Swissblock, a blockchain analytics firm, stated on Saturday that Bitcoin has likely passed its initial breakdown phase but remains in the early stages of bottom formation. Additionally, uncertainty and selling pressure may intensify following the U.S. military’s weekend resumption of strikes against Iranian targets. BTC’s price dipped to $59,800 early Sunday morning but had rebounded above the $60,100 mark by the time of writing.
