it’s time for whale accumulation phase 

A UTXO is an amount of cryptocurrency which has been already sent and authorized, and is ready for the recipient to spend. 

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. 

Mignolet believes that accumulator whales might soon respond to the current market-wide FUD (fear, uncertainty and doubt). This could potentially bring a “V-shaped rebound,” the analyst says. 

The bullish expectations come as the global crypto market has been weathering a bearish storm over the past month. According to data from CoinGecko, the global cryptocurrency market capitalization plunged from $2.7 trillion to $2.34 trillion in the past 30 days. 

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. recorded $174.5 million in net outflows.