Bitcoin UTXOs (Unspent Transaction Outputs) reportedly dropped to the lowest level since October 2023 to the present month. As per the stats disclosed by CryptoQuant, an 0n-chain crypto analytical platform, it is revealed that Bitcoin UTXOs dropped to 68.5% from 99% in June 2024. This declined proportion has sparked many speculations in the crypto market, changing the sentiments of crypto investors toward Bitcoin ($BTC).
#Bitcoin UTXOs in Profit Drop to Lowest Level This Year“The last time the percentage of Bitcoin UTXOs in profit dropped to 68.5%, Bitcoin's price saw a significant surge of 273%.” – By @EgyHashX Read more https://t.co/QzwbCw2EoW pic.twitter.com/JYEuNe2Ir5
— CryptoQuant.com (@cryptoquant_com) September 6, 2024
Bitcoin UTXOs Profit Ratio Declines: A Buying Opportunity?
The profit ratio of Bitcoin UTXOs (Unspent Transaction Outputs) has seen a significant decline during the last year. UTXOs profit ratio was standing somewhere at 99% in June 2024 and now dropped to 68.5%, the lowest profit ratio since October 2023.
This major drop has sparked many speculations in the crypto market urging investors to invest in $BTC. This prominent decrease suggests that crypto traders might be having the realized profits resulting in the decrease in the Bitcoin ($BTC) price value due to the current selling pressure.
Many crypto investors see this situation as the best buying opportunity to gain maximum profit ratio in the coming bull run in the coming months. October has always proven to be the Uptober month for the crypto space, so investors are bullish on buying $BTC and yielding profits in the coming month.
What Next?
Historically, Bitcoin UTXOs’ decline in the profit ratio has triggered many important happening in the crypto market. Last Bitcoin UTXOs drop hit a major price surge of $BTC by 273% taking it to a new all-time high (ATH) surpassing $73K. Based on the previous trends, the current market situation may appear bleak, but a price reversal could be on the horizon in the coming time.
