Bitcoin is recovering from a “black swan” event reminiscent of the heady days of the COVID-19 crash in March 2020, according to CryptoQuant data. On September 7, on-chain analytics platform CryptoQuant noted a significant increase in loss-making untapped transaction outputs (UTXO). Data shows that more UTXOs are currently at a loss than the initial purchase price seen since March 2020. CryptoQuant contributor Woominkyu suggested that Bitcoin may be going through a surprise sell-off event similar to a “black swan” or recovering.