CryptoQuant analyst, known as Mignolet, believes that it’s time for accumulation whales to make bullish movements.
Mignolet, the author of Investment Secrets of Bitcoin Whales, says the unspent transaction output (UTXO) in profit has been “breaking away from its low point.” Per the chart, the Bitcoin (BTC) UTXOs in profit is currently sitting at 80.7%.
A UTXO is an amount of cryptocurrency which has been already sent and authorized, and is ready for the recipient to spend.
In simple terms, a lower amount of BTC UTXO is currently in profit than it was in March when Bitcoin hit an all-time high of $73,750.
The current situation is very similar to October 2023, when Bitcoin gained its upward momentum which ultimately brought the market-wide bull run.
Mignolet believes that accumulator whales might soon respond to the current market-wide FUD (fear, uncertainty and doubt). This could potentially bring a “V-shaped rebound,” the analyst says.
The bullish expectations come as the global crypto market has been weathering a bearish storm over the past month. According to data from CoinGecko, the global cryptocurrency market capitalization plunged from $2.7 trillion to $2.34 trillion in the past 30 days.
Bitcoin briefly plunged to a one-month low of $58,402 on June 24 as the spot BTC exchange-traded funds (ETFs) in the U.S. recorded $174.5 million in net outflows.
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