Recent data from on-chain analytics platform CryptoQuant suggests that while long-term holders remain largely profitable, short-term sentiment has shifted.
Activity among Bitcoin Unspent Transaction Outputs (UTXOs), a metric that tracks coins being spent either in profit or at a loss, indicates that many investors are beginning to react to smaller price drops, potentially signaling increased market uncertainty.
Historically, Bitcoin has seen a dominance of UTXOs spent in profit, with patient holders benefiting from long-term appreciation. Between July 11 and 13, the ratio of profitable UTXOs compared to those spent at a loss surged above 10,000, meaning for every loss-making spend, there were over ten thousand profitable ones.
Bitcoin Teleported from $112 to $115.8K – But There’s Thin Air Below
“The move happened so quickly that no support levels were formed,” the analyst explained. “If momentum drops or sellers step in, the price could fall just as fast as it rose.”
Featured image created with DALL-E, Chart from TradingView
