原文：Bitcoin unspent transaction outputs signal capitulation underway: analyst
CryptoQuant 分析师 Darkfost 表示：“对于长期投资者来说，这些时期一直是有利可图的。”
Analysis of Bitcoin unspent transaction outputs (UTXOs) shows that investors are capitulating, a pattern that has historically coincided with bear market bottoms.
The ratio of the number of UTXOs spent in profit versus at a loss has fallen to its lowest level this bear market cycle, said CryptoQuant analyst known as Darkfost on Saturday.
This is the first time this signal has triggered since the start of the correction, “demonstrating that the number of UTXOs spent at a loss is reaching significant levels, reflecting the start of a broader capitulation,” he said.
该指标显示市场正在进入触底阶段，这可能是一个战略性的积累时机。上一次跌至如此低点是在 2023 年中期上一次熊市的最深处，当时 BTC 价格跌至 26,000 美元左右。
“对于长期投资者来说，这些时期总是有利可图的，”达克弗斯特继续说道。 “它们对应于大多数人放弃并失去兴趣的时刻。”
他警告说，这是一个需要时间的过程，而且我们的时间表很长。
熊市低点的比特币UTXO盈利损失率。来源：CryptoQuant
分析师 DurdenBTC 周六表示：“我一直在等待的底部信号刚刚发出。”他还对 UTXO 比率发表了评论。他补充说：“自 2016 年以来，它的每个周期都陷入低点，而且在接下来的几周内仍然会感觉很糟糕。” “如果在这里买房很舒服，那么这个信号就不会存在。”
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In a separate post, Darkfost confirmed the findings, stating that long-term holders are starting to “enter a capitulation phase,” observing that the Spent Output Profit Ratio (SOPR) is increasingly moving into negative territory for this cohort.
However, he also said that this correction has been largely fueled by the rapid increase in BTC inflows to exchanges coming from short-term holders.
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