Analysis: The proportion of Bitcoin loss supply is increasing, which may indicate that the market is entering the early stages of a bear market

CryptoQuant analyst Woominkyu stated that the "Supply in Loss (%)" of Bitcoin has begun to rise again. Historically, this shift marks the early stages of a bear market: at this point, 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 started to rise before the market hit bottom, while prices continued to weaken. A true bottom will only form after the "Supply in Loss (%)" significantly expands. Currently, the "Supply in Loss (%)" is still far below historical capitulation levels, but the directional change itself is significant. This suggests that the market may be transitioning to a bear market structure rather than experiencing a temporary pullback within a bull market trend.