Only 7% of BTC UTXOs are in the red: the market structure of the flagship cryptocurrency remains stable
Despite the sharp decline in the Bitcoin (BTC) price from $126,000 to $110,000, on-chain metrics show market resilience. According to Crazzyblockk, only 7.3% of all UTXOs are losing money, while over 92% remain profitable. This means that most holders acquired coins at significantly lower prices and maintain positive returns. This pattern was observed during consolidation phases, not at the peaks of market cycles.
The unrealized gain (0.51) significantly exceeds the unrealized loss (0.008), confirming the dominance of profitable positions among long-term investors. This configuration indicates that the market remains structurally strong, and the overall risk of capitulation is minimal. Historically, periods when the share of losing UTXOs remained low coincided with accumulation and subsequent growth phases.
However, Darkfost data shows that high profit-taking is limiting the potential for a short-term recovery. The seven-day average realized profit reached $2.25 billion, the fourth-highest figure in the current cycle. Even after the correction, the weekly figure remains above $1.6 billion, indicating continued profit-taking by investors. As long as these volumes persist, pressure on the Bitcoin price may continue.
From a market structure perspective, the current consolidation does not indicate capitulation. Rather, it reflects a redistribution of positions between short-term traders and long-term holders. This redistribution is helping to create a stable foundation for the next stage of growth.
An on-chain analysis by XWIN Research Japan completes the picture: the October 10th crash, which led to liquidations, was accompanied by a redistribution of liquidity in favor of Binance. The platform absorbed the bulk of trading volume, ensuring system stability during a period of intense volatility. This confirms that the market structure has not been disrupted, but rather is being cleared of excess leverage.
Source: cryptonews.net
