BlockBeats News, June 28th, CryptoQuant analyst Darkfost stated that the Bitcoin Unspent Transaction Output (UTXO) Profit/Loss Ratio has dropped to the lowest level since this bear market cycle began, indicating that the market is entering a broader "capitulation" phase. This is the first time this indicator has sent out this signal since the current correction began.

Darkfost pointed out that the current number of UTXOs being sold at a loss has reached a significant level. Historically, this stage has often corresponded to the bottom area of a bear market and provided good accumulation opportunities for long-term investors. The last time this indicator dropped to a similar level was in mid-2023 when the Bitcoin price briefly fell to around $26,000.

Another analyst, DurdenBTC, also stated that the UTXO bottom signal has been triggered. This indicator has successfully captured market bottoms since 2016, but a true bottom may still take time to form, and short-term market sentiment may remain subdued.

Darkfost further mentioned that the Spend Output Profit Ratio (SOPR) for long-term holders is gradually moving into negative territory, indicating that long-term holders are starting to capitulate. The current correction is mainly driven by a large influx of Bitcoin from short-term holders to exchanges.

On-chain analytics firm Swissblock believes that Bitcoin has largely completed the first stage of the downtrend and is currently in a bottom-building phase. The price is stabilizing, but market momentum remains weak.

Furthermore, due to the US weekend airstrike on Iranian targets, market risk-off sentiment has increased. Bitcoin briefly dropped to $59,800, then rebounded to around $60,100.