Onchain HOPIUM $BTC

In September, the percentage of Bitcoin Unspent Transaction Outputs (UTXOs) fell to 68.5%, marking its lowest level this year. Back in June, this figure stood at 99%. This sharp decline suggests that many traders have been taking profits, which in turn has led to increased selling pressure and a drop in Bitcoin’s price.

However, there's an interesting historical precedent: the last time the UTXO profit share dipped to 68.5%, Bitcoin's price surged by 273%, climbing from $26,700 to $73,000.

A UTXO represents the unspent balance left after a Bitcoin transaction. When a user makes a transfer, part of the Bitcoin is sent to the recipient, while the unspent portion remains as UTXO. This unspent balance can be used in future transactions, and the UTXO metric is a key tool in analyzing the activity and profitability of Bitcoin holders.

This recent drop in UTXO might hint at an opportunity for another bullish movement, but market conditions remain key. #BTC☀