2024

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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 (<a href="https://crypto.news/what-is-bitcoin-batching/">UTXO</a>) in profit has been “breaking away from its low point.” Per the chart, the Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) UTXOs in profit is currently sitting at 80.7%. 
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A UTXO is an amount of cryptocurrency which has been already sent and authorized, and is ready for the recipient to spend.&nbsp; 
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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.&nbsp; 
Mignolet believes that accumulator <a href="https://crypto.news/whale-has-lost-5-8-million-on-a-memecoin-but-isnt-selling-yet/">whales</a> might soon respond to the current market-wide FUD (fear, uncertainty and doubt). This could potentially bring a “V-shaped rebound,” the analyst says.&nbsp; 
The bullish expectations come as the global crypto market has been weathering a bearish storm over the past month. According to <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="">data</a> from CoinGecko, the global cryptocurrency market capitalization plunged from $2.7 trillion to $2.34 trillion in the past 30 days.&nbsp; 
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. <a href="https://crypto.news/bitcoin-etfs-begin-third-week-of-outflows-amid-market-wide-fud/">recorded</a> $174.5 million in net outflows. 
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CryptoQuant analyst: it’s time for whale accumulation phase

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