Darkfost2026-06-27

UTXO analysis indicates that investor capitulation is underway.

For those unfamiliar, UTXOs (Unspent Transaction Output) are the mechanism that verifies a BTC has only been spent once on the blockchain. To do this, several pieces of information are recorded within it such as the date, the purchase price, the total amount… This chart represents, as a ratio, the number of UTXOs spent in profit versus at a loss. When the ratio is high (🟣) it means profits are largely dominant, and we can see that this was the case during the tops BTC was able to reach. 👉 Today the UTXOs are telling us the opposite story. That is, the ratio has dropped to its lowest levels, which correspond to bear market phases. 💥 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. These periods have always been profitable for long-term investors. 🟢 They correspond to the moment when the majority gives up and loses interest. It’s a process that takes time, we’re on a long timeframe, but now is the moment to pay attention to the market, not when a lot of profits are being realized.