CryptoQuant analyst Mignolet, renowned for his insights into Bitcoin investment, believes that it is time for large-scale investors to start making bullish moves.
According to Mignolet, the unspent transaction output (UTXO) in profit has been showing signs of breaking away from its previous low point. The chart indicates that Bitcoin’s UTXOs in profit are currently at 80.7%.
For those unfamiliar with the term, a UTXO refers to a portion of cryptocurrency that has already been sent and authorized, and is now available for the recipient to spend.
This data suggests that there is currently a lower amount of Bitcoin UTXO in profit compared to March, when Bitcoin reached an all-time high of $73,750. This situation closely resembles that of October 2023, when Bitcoin saw a surge that led to a widespread bull market.
Mignolet is of the opinion that accumulation whales may soon respond to the ongoing market uncertainty. This could potentially result in a “V-shaped rebound,” according to the analyst.
These bullish expectations come at a time when the global cryptocurrency market has been experiencing a bearish trend over the past month. CoinGecko data shows that the global cryptocurrency market capitalization has dropped from $2.7 trillion to $2.34 trillion in the last 30 days.
On June 24, Bitcoin briefly fell to a one-month low of $58,402 as the spot BTC exchange-traded funds (ETFs) in the U.S. experienced net outflows of $174.5 million.
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