Bitcoin is back in March 2020 mode, one BTC price on-chain metric shows.
Bitcoin is recovering from a “black swan” event last rivaled by the March 2020 COVID-19 crash, data suggests.posts on Sep. 7, on-chain analytics platform CryptoQuant revealed a major spike in loss-making unspent transaction outputs .with current BTC price weakness, but on-chain data paints an intriguing picture of activity “under the hood.”
Currently, more of these are in loss compared to their original acquisition price than at any time since March 2020. 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.“Given that the current level of the ‘UTXOs in loss’ indicator mirrors that of the Black Swan event between March and April 2020 , those anticipating another Black Swan event might want to consider whether we are already in the midst of the event they are waiting for.
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