Live UTXOs in loss ÷ in profit — Live UTXOs in loss ÷ in profit (by cost basis). Spikes mark capitulation bottoms
UTXO P/L count ratio uses Bitcoin's UTXO cost-basis data: Live UTXOs in loss ÷ in profit. It connects the current market with the prices at which coins were last moved.
The share of all UTXOs above/below their creation price. Extreme loss dominance has historically aligned with capitulation lows; extreme profit dominance with euphoria.
Cost-basis metrics describe on-chain movements, not every off-chain trade. They are best read as a market-structure view, not a guaranteed buy or sell signal.