PANews, June 28: According to Cointelegraph, CryptoQuant analyst Darkfost stated that Bitcoin's unspent transaction output (UTXO) data shows that the ratio of loss-making to profit-making transactions in the current market has fallen to its lowest level of this bear market cycle, signaling that investors are entering a clear "capitulation" phase. This indicator has been triggered multiple times before at historical cycle bottoms. The last similar low occurred during the deep bear market phase in mid-2023, when Bitcoin's price briefly dropped to around $26,000. Analysis suggests that such phases typically correspond to extremely depressed market sentiment, with long-term investors gradually beginning to re-accumulate positions.

Darkfost pointed out that this signal has been triggered for the first time since this pullback began, indicating that the number of UTXOs being sold at a loss is rising significantly, reflecting that broader selling and capitulation behavior has already started. He added that the long-term holder spent output profit ratio (SOPR) for Bitcoin is also gradually entering negative territory.