Bitcoin's UTXO concentration resembles that of the FTX collapse and may signal the final bear market decline.

Huo Xing Finance reports that on August 1, according to crypto analyst Murphy, Bitcoin’s URPD (UTXO Realized Price Distribution) data shows that 890,000 BTC are concentrated at $63,000 and 710,000 BTC at $62,000, totaling approximately 8% of the circulating supply—significantly higher than typical levels. Murphy notes that this concentration resembles the pattern seen before the FTX collapse in 2022; such high concentration increases Bitcoin’s price sensitivity and makes sharp volatility more likely, potentially leading to a violent reallocation and serving as a key indicator for directional movement near the end of a bear market. In response, Jiang Zhuo’er commented that if the CLARITY Act fails to pass before Congress adjourns, Bitcoin may complete its final decline to the bear market bottom.