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Joao Wedson comments on a detailed thread by Alphractal that explains the significance of the UTXO model as the foundation for most Bitcoin on-chain metrics.
Wedson highlights that metrics such as SOPR, MVRV, Realized Cap, and Coin Days Destroyed all rely on the fact that each Bitcoin unit retains its own history, value, and time properties.
Wedson has previously observed that long positions dominate over shorts for most cryptocurrencies, indicating prevailing trader sentiment in the derivatives market. In a separate analysis, he noted that stablecoin whale balances above $10 million have remained flat since October 2025, even as crypto markets peaked. These findings highlight Wedson's ongoing focus on capital flows and position data across digital assets.