The market looks similar to the 2022 bear market, but this is not panic yet — CryptoQuant

CryptoQuant analysts see worrying similarities with the bear market of May 2022. The UTXO in Loss indicator has entered the 27–30% zone again. This means a large number of Bitcoin holders are currently holding at an unrealized loss.

Important: this range is not a clear bear signal. It is more like a decision zone.

If the indicator stays above 30%, selling pressure could increase and the market may fall further.

If it stays between 27–30%, it may mean that most of the bad news is already priced in.