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On-chain metrics tracking $BTC's unspent transaction outputs are signaling capitulation underway in the Bitcoin market, according to CryptoQuant analyst Darkfost.
The read comes from UTXO-level data — a layer of the blockchain that records every coin's last movement — and it places the current phase in a historically recurring category that has ultimately rewarded patient holders.
What the UTXO Signal Shows A UTXO, or unspent transaction output, represents the balance sitting at a Bitcoin address that has not yet been spent.
Analysts at CryptoQuant and elsewhere track the age, profitability, and volume of these outputs to gauge whether holders are selling at a loss — a behavior that, when it becomes widespread, is classified as capitulation.
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