Research: Bitcoin UTXOs grow despite bear market

The growing number of Bitcoin UTXOs indicates a healthy network usage that defies the ongoing bear market. Unspent Transaction Outputs (UTXOs) are often referred to as the fundamental building block of Bitcoin. As the Bitcoin network is built on an accounting model based on unspent outputs, they can be used to measure the overall state and growth of the network. Changes in the cumulative value settled through UTXOs, their number, and the percentage of them in profit or loss can indicate where the network stands and where it’s heading.