According to analyst Mignolet of CryptoQuant, the market is ready for accumulation whales to start positive movements. Author of “Investment Secrets of Bitcoin Whales,” Mignolet notes as a main sign of this trend unspent transaction output (UTXO) data.
Mignolet said the UTXO in profit has been “breaking away from its low point,” with Bitcoin (BTC) UTXOs in profit right now at 80.7%. UTXOs are quantities of authorized and transmitted cryptocurrencies ready for the recipient to spend. When Bitcoin peaked at $73,750 in March, this chart shows a smaller percentage of BTC UTXO in profit than now.
CryptoQuant Analyst Mignolet Foresees Potential “V-Shaped Rebound” Amid Market FUD
“The present scenario reflects October 2023, when Bitcoin started its climb that finally resulted in a market-wide bull run,” Mignolet said. In his opinion, Accumulator whales could soon respond to the dominant market-wide FUD (fear, uncertainty, and doubt), causing a “V-shaped rebound.”
These positive predictions coincide with the bearish phase of the worldwide crypto market. According to CoinGecko’s data, during the past 30 days, the worldwide market capitalization for cryptocurrencies has declined from $2.7 trillion to $2.34 trillion.
On June 24, Bitcoin dropped to a one-month low of $58,402, in line with notable outflows from U.S. spot BTC exchange-traded funds (ETFs), which recorded $174.5 million in net outflows.
According to Mignolet’s research, the environment is ready for whales to start amassing Bitcoin, bucking the present bearish trend. This realization offers investors some hope amid the market’s continuous volatility.
