**[Opinion: Bitcoin UTXO Indicator Triggers First Capitulation Signal of This Bear Market, Possibly Entering Bottoming Phase]** BlockBeats News, June 28: CryptoQuant analyst Darkfost stated that the Bitcoin Unspent Transaction Output (UTXO) profit-loss ratio has dropped to its lowest level in this bear market, indicating that the market is entering a broader "capitulation" phase. This is the first time this signal has been triggered during the current correction. Darkfost pointed out that the number of UTXOs sold at a loss has reached a significant level. Historically, this phase often corresponds to the bottom region of a bear market and provides a good allocation opportunity for long-term investors. The last time this indicator fell to a similar level was in mid-2023, when Bitcoin's price briefly dropped to around $26,000. Another analyst, DurdenBTC, also noted that the UTXO bottom signal has been triggered. Since 2016, this indicator has successfully captured market bottoms, but true bottom formation still requires time, and short-term market sentiment may remain subdued. Darkfost further explained that the Spent Output Profit Ratio (SOPR) for long-term holders is gradually moving into negative territory, indicating that long-term holders are beginning to capitulate. This round of correction has been primarily driven by a large influx of Bitcoin from short-term holders into exchanges. On-chain analytics firm Swissblock believes that Bitcoin has essentially completed the first phase of its decline and is currently in the bottom-building stage. Prices are stabilizing, but market momentum remains weak. Additionally, due to the U.S. launching another airstrike on Iranian targets over the weekend, market risk-aversion sentiment has risen. Bitcoin briefly dropped to $59,800 before rebounding to around $60,100. [Original Link]