Data: The total number of Bitcoin UTXO reached 137 million, a record high

It is reported that according to the data of Glassnode, a blockchain analysis company, the number of bitcoin UTXO (unspent transaction output) increased at the rate of 117000/month last week, reaching the highest value since December 2022, and the total number of UTXO also reached a record high of 137 million.

Interpretation of this information:

The recent report by Glassnode, a blockchain analysis company, states that the number of bitcoin unspent transaction output (UTXO) has increased at an accelerating rate of 117,000 per month. This figure has reached a level that has not been seen since December 2022. This significant increase in UTXO coincides with the cryptocurrency’s price rise, which continues to gain momentum, hitting a record high.

UTXO refers to the sum of all bitcoins which have not been used in previous transactions. This data is an essential gauge of market sentiment as it provides a way to analyze the number of available bitcoins, which users may want to sell or hold. An increase in UTXO indicates that new investors are joining the network and that existing investors are holding their bitcoins, anticipating a further rise in price.

The increasing number of UTXOs indicates strong bullish sentiment among bitcoin holders, which could lead to new highs. Bitcoin’s momentum has been growing over the last few weeks fuelled by institutional investors’ increased interest in cryptocurrency. Several well-known public companies have recently invested in bitcoin or announced their plans to accept bitcoin payments.

Another factor that could be contributing to the increase in UTXO is the decrease in the amount of bitcoin being traded on cryptocurrency exchanges. As institutional investors increasingly buy bitcoins for their portfolios, the supply of bitcoins on exchanges is decreasing. This decrease in supply can also contribute to an increase in the price, as the demand for bitcoin continues to grow.

In conclusion, the increasing number of UTXOs bodes well for bitcoin’s future prices. The strong bullish sentiment among long-term investors suggests that the cryptocurrency’s price will continue to rise in the coming months. Moreover, factors like the growing institutional adoption and decreasing supply signal that the bullish momentum is set to continue.