CryptoQuant: The increase in Bitcoin's loss supply may indicate the early stage of a bear market

CryptoQuant analyst Woominkyu stated that the market may be transitioning to a bear market structure, rather than experiencing a temporary pullback within a bull market trend. The Supply in Loss (SALL) of Bitcoin has started to rise again. Historically, this shift marks the early stages of a bear market, during which losses begin to spread, no longer limited to short-term holders, but gradually affecting long-term participants.

In previous cycles (2014, 2018, 2022), this indicator had risen before the actual market bottom, while prices continued to weaken. A true bottom will only form after a significant expansion of the supply in loss. Currently, the supply in loss is still far below historical capitulation levels, but its directional change is significant in itself.