Analyst: Bitcoin UTXO indicator shows market entering 'capitulation phase', possibly near cycle bottom area

CoinFeed June 28 news, according to Cointelegraph, CryptoQuant analyst Darkfost said that Bitcoin unspent transaction output (UTXO) data shows that the proportion of losing trades to winning trades 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 previously triggered multiple times at historical cycle bottom areas. The last similar low occurred during the deep bear market phase in mid-2023, when Bitcoin price once fell to about $26,000. Analysis suggests that such phases usually correspond to extremely depressed market sentiment, with long-term investors beginning to gradually re-accumulate chips.