CryptoQuant CEO: 99.3% of Bitcoin's UTXO are in a profitable state
In a message from ChainCatcher, CryptoQuant CEO Ki Young Ju stated on platform X that the Bitcoin market is currently in a frenzy phase, with 99.3% of unspent transaction outputs (UTXO) being profitable.
Ki pointed out that this "frenzy" phase usually lasts between 3 to 12 months, but there are exceptions, such as the bull trap in November 2021.
Ki said that this stage started two weeks ago and the market is currently at a critical point. Shorting could be an opportunity to capture near the top or it could be a misjudgment at the bottom of parabolic uptrends.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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