[Analyst: Bitcoin UTXO Indicator Shows Market Entering 'Capitulation Phase,' Possibly Nearing Cycle Bottom Area] According to Cointelegraph, CryptoQuant analyst Darkfost stated that Bitcoin's Unspent Transaction Output (UTXO) data indicates that the current ratio of loss-making transactions to profit-making transactions has dropped to the lowest level in this bear market cycle, suggesting that investors are entering a clear 'capitulation' phase. This indicator has also been triggered multiple times in historical cycle bottom areas. The last similar low occurred during the mid-2023 deep bear market phase, when Bitcoin's price briefly fell to around $26,000. Analysts believe such phases typically correspond to extremely depressed market sentiment, with long-term investors gradually beginning to reaccumulate positions.