98% of
Unspent Bitcoin Transaction Outputs Currently in a State of Profit
98% of Bitcoin’s unspent
transaction outputs (UTXOs) are currently in a state of profit,
a level that hasn’t been seen since December 2017, when the price of bitcoin
hit its all-time high close to $20,000.
Data shows high levels of
bitcoin unspent transaction outputs in a state of profit were typical in
previous BTC bull markets, which could indicate a local top is near. The last
time BTC’s UTXOs were above 90% was in July 2019, when the price of BTC hit a
$13,900 top before a sell-off saw it drop to $7,500 by October of that year.
An unspent transaction output,
it’s worth noting, refers to bitcoin remaining after a cryptocurrency
transaction was executed, similar to the change received after conducting a
cash transaction at a store.
