In a recent analysis of Unspent Transaction Output (UTO) in profit during last year's consolidation phase, it was observed that despite the price being in a consolidation phase, UTXO in Profit(%) is distinctly breaking away from its low point.
This suggests that accumulation whales, the major players in the crypto market, are likely to respond to market fear. This response is indicative of a potential V-shaped rebound, a positive sign for the market.
The analysis, written by Mignolet, points towards an optimistic outlook for the blockchain industry, as it shows that even in a consolidation phase, there is potential for significant profit and growth. This is a clear indication that the market is resilient and has the potential to bounce back from lows, reinforcing the optimistic view of the market.