CryptoQuant analyst Darkfost reveals that Bitcoin's UTXO loss-to-gain ratio has dropped to the lowest level of the current bear market cycle, signaling an imminent capitulation phase. The last similar occurrence was in mid-2023 when BTC fell to ~$26,000. This is the first such trigger in the current correction, while the long-term holder SOPR has also entered negative territory, indicating intense selling pressure but historically pointing to a potential bottom formation.

Jupiter's on-chain treasury fund, the Litterbox Trust, added another 177,570 JUP yesterday, bringing its June total to 13,346,232 JUP (worth ~$2.93M). The fund now holds 142,703,464 JUP valued at approximately $31.4M. Automatically receiving 50% of Jupiter protocol revenue, the trust continuously buys JUP in the open market for long-term holding. This sustained accumulation reduces circulating supply and signals strong protocol conviction.

Multicoin Capital's latest research report predicts Hyperliquid's token HYPE to reach a base-case valuation of $319 by 2028, representing a 4x upside from current levels. The report highlights key drivers: high trading market share, 99% protocol revenue used for buyback and burn, HIP-3 market deployment mechanism, USDC reserve yield generation, and wallet onboarding expansion. However, the valuation heavily depends on sustained revenue realization, with downside risks from declining trading volumes or fee compression.

CryptoQuant analyst Darkfost reports that the ratio of loss-making to profitable UTXO volumes in Bitcoin has fallen to the lowest level of this bear market cycle, indicating a clear capitulation phase. A similar low was last seen in mid-2023 when BTC traded around $26,000. Long-term holder SOPR has also turned negative, confirming extreme market fear. Historical patterns suggest such signals often precede market bottoms, offering potential accumulation opportunities.

Multicoin Capital released a report forecasting Hyperliquid's native token HYPE to reach a base-case valuation of $319 by 2028, representing roughly 4x upside from current levels. The bullish thesis rests on Hyperliquid's CEX-like revenue model: high perpetual trading market share, 99% of protocol revenue used for buyback and burn, HIP-3 market deployment mechanism, USDC reserve yield, and wallet onboarding expansion. However, the valuation is highly dependent on sustained revenue realization, which poses significant risk.

CryptoQuant analyst Darkfost reports that Bitcoin's UTXO loss-to-profit ratio has fallen to the lowest level of this bear cycle, indicating that investors are entering a clear capitulation phase. The last similar reading occurred during the mid-2023 bear market depth when Bitcoin traded around $26,000. Meanwhile, long-term holder SOPR has also turned negative, signaling that panic selling is intensifying while bottom accumulation may soon follow.

According to Lookonchain monitoring, F2Pool co-founder Wang Chun has withdrawn another 4,950 ETH (worth approximately $7.74 million) from Binance. Since May 26, his address has accumulated withdrawals of 91,945 ETH (approximately $159.9 million) and 973 WBTC (approximately $60.72 million) from Binance, continuing a trend of large-scale outflows that has drawn market attention.

CryptoQuant 分析师 Darkfost 指出，比特币 UTXO 亏损成交占比已降至本轮熊市周期最低水平，表明市场恐慌情绪达到顶峰，投资者正进入明显的投降阶段。历史数据显示，该信号曾在 2023 年中触底（比特币约 26,000 美元）后开启反弹。同时，长期持有者 SOPR 进入负值区间，进一步确认抛压加剧。当前信号是本次回调以来首次触发，可能预示短期底部临近。