According to Cryptoquant contributor Darkfost, on June 29, the UTXO Block Profit/Loss Count Ratio capitulation signal flashed for the first time during the current correction. The metric measures the balance between bitcoin transactions completed in profit versus those at a loss by analyzing on-chain transaction outputs.
Historically, similar signals appeared near major bitcoin bear-market bottoms in 2016, late 2018, 2020, and 2022. Crypto analyst Quinten François noted the indicator "flashed at every bitcoin cycle bottom since 2016. And it just flashed again."