In this article, BeInCrypto takes a look at on-chain indicators for bitcoin (BTC), specifically, the percentage of Unspent Transaction Outputs (UTXO). The current reading is dissimilar to that of the 2017 market cycle top. This indicates that the current increase is likely not a relief rally, but rather the continuation of a bullish trend.
The UTXO model native to cryptocurrencies is unique relative to other currency systems. Each input consumes existing UTXOs, which then are created through an output.
For example, an address has two UTXOs, with values of 0.8 and 0.5 BTC. If it makes a transaction for one BTC, it consumes both UTXOs and creates another one for 0.3 BTC.