According to Bitcoin Magazine, the Bitcoin Unused Transaction Output (UTXO) report released by Delphi Digital shows that bitcoin prices have bottomed out and its market cycle is on track, with the previous January report saying "Bitcoin in 2019" The conclusion that the first quarter of the year bottomed out is exactly the same. The report pointed out that fewer long-term holders are selling BTCs. These long-term holders did not sell when the last BTC price rose to $5,000, and this sell-off often occurred during market price volatility in 2018. More importantly, UTXO is growing for 1-2 years and more than 5 years. This trend indicates that long-term UTXO is increasing and it is retained for a longer period of time. Delphi Digital considers this to be a powerful cumulative signal.