{"id":590615,"date":"2023-09-10T15:30:05","date_gmt":"2023-09-10T12:30:05","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-utxos-echoing-march-2020-black-swan-crash-new-research\/"},"modified":"2023-09-10T15:30:05","modified_gmt":"2023-09-10T12:30:05","slug":"bitcoin-utxos-echoing-march-2020-black-swan-crash-new-research","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-utxos-echoing-march-2020-black-swan-crash-new-research\/","title":{"rendered":"# Bitcoin UTXOs echoing March 2020 &#8216;black swan&#8217; crash \u2014 New research"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3aa31016125\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3aa31016125\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-utxos-echoing-march-2020-black-swan-crash-new-research\/#CryptoQuant_Bitcoin_UTXOs_in_Loss_%E2%80%9Cmirror%E2%80%9D_March_2020\" >CryptoQuant: Bitcoin UTXOs in Loss &#8220;mirror&#8221; March 2020<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-utxos-echoing-march-2020-black-swan-crash-new-research\/#Underwater_Bitcoin_speculators_grow\" >Underwater Bitcoin speculators grow<\/a><\/li><\/ul><\/nav><\/div>\n<p itemprop=\"description\" class=\"post__lead\" data-v-398ae7b2> BTC price performance may be weathering a storm not seen since COVID-19 sparked a 60% drawdown three-and-a-half years ago. <\/p>\n<p><\/p>\n<div class=\"post-content\" data-v-398ae7b2>Bitcoin (BTC) is recovering from a \u201cblack swan\u201d event last rivaled by the March 2020 COVID-19 crash, data suggests.<\/p>\n<p>In one of its <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/64f9adf378b98c08bc934a32-UTXOs-in-Loss-A-Precursor-to-the-Next-Black-Swan-Event\">Quicktake<\/a> posts on Sep. 7, on-chain analytics platform CryptoQuant revealed a major spike in loss-making unspent transaction outputs (UTXOs).<\/p>\n<h2><span class=\"ez-toc-section\" id=\"CryptoQuant_Bitcoin_UTXOs_in_Loss_%E2%80%9Cmirror%E2%80%9D_March_2020\"><\/span>CryptoQuant: Bitcoin UTXOs in Loss &#8220;mirror&#8221; March 2020<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin may be worrying market participants with current BTC price weakness, but on-chain data paints an intriguing picture of activity \u201cunder the hood.\u201d<\/p>\n<p>UTXOs represent BTC left over after an on-chain transaction is executed. CryptoQuant\u2019s UTXOs in Loss metric tracks when large numbers of these UTXOs are worth more than they were when the BTC was originally bought.<\/p>\n<p>Currently, more of these are in loss compared to their original acquisition price than at any time since March 2020.<\/p>\n<p>At the time, BTC\/USD dropped 60% to its lowest levels since March 2019 \u2014 lows which were never seen again.<\/p>\n<p>Considering the current data from UTXOs in Loss, CryptoQuant contributor Woominkyu ventured that, like March 2020, Bitcoin may be seeing, or already bouncing back from, a curveball selling event.<\/p>\n<p>He summarized:<\/p>\n<blockquote><p>\u201cGiven that the current level of the \u2018UTXOs in loss\u2019 indicator mirrors that of the Black Swan event between March and April 2020 (due to the Coronavirus), those anticipating another Black Swan event might want to consider whether we are already in the midst of the event they are waiting for.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-09\/ffc25ce2-f84d-471d-9631-f76e3f009b66.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin UTXOs in loss chart. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p>In percentage terms, 38% of UTXOs were in loss at the end of August, a figure last seen in April 2020.<\/p>\n<p>\u201cWhen many UTXOs are in loss, investors might be more inclined to sell, hinting at market anxiety. Conversely, when most UTXOs are profitable, it suggests an optimistic outlook and a stronger holding sentiment among investors,\u201d Woominkyu added.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Underwater_Bitcoin_speculators_grow\"><\/span>Underwater Bitcoin speculators grow<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin meanwhile remains locked in a tight range amid a lack of overall BTC price trend.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin speculators now own the least BTC since $69K all-time highs<\/em><\/strong><\/p>\n<p>With neither a breakout nor breakdown willing to complete, cost basis data likewise shows current spot price caught between the acquisition prices of various investor cohorts.<\/p>\n<p>This \u201cRealized Price\u201d \u2014 the price at which the supply last moved, divided by age group \u2014 shows that short-term holders fall into aggregate loss when BTC\/USD is below around $27,000.<\/p>\n<p>A full capitulation event, however, has yet to be recorded on-chain.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-09\/b4e59be3-90a0-45a3-8ad9-8ae80f4c7e5a.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin Realized Price chart (screenshot). Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-utxo-march-2020-crash-new-research\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BTC price performance may be weathering a storm not seen since COVID-19 sparked a 60% drawdown three-and-a-half years ago. Bitcoin (BTC) is recovering from a \u201cblack swan\u201d event last rivaled by the March 2020 COVID-19 crash, data suggests. In one of its Quicktake posts on Sep. 7, on-chain analytics platform CryptoQuant revealed a major spike&#8230;<\/p>\n","protected":false},"author":1,"featured_media":590616,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDkvYmEzZjE3MzctNTdkNS00NzljLWJlNmMtYzllZGVmMmQyMWJjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,145704,73785],"class_list":["post-590615","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-utxo","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/590615","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=590615"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/590615\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/590616"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=590615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=590615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=590615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}