PANews reported on January 28 that CryptoQuant analyst Woominkyu wrote that the market may be transitioning to a bear market structure rather than experiencing a temporary pullback in a bull market trend.

Bitcoin's supply in losses (SALL) has started to rise again. Historically, this shift has marked the early stages of a bear market, when losses begin to spread beyond short-term holders and gradually affect long-term participants.

In previous cycles (2014, 2018, 2022), this indicator rose before the actual market bottomed out, while prices continued to weaken. A true bottom only forms after a significant increase in loss-making supply. Currently, loss-making supply is still far below historical capitulation levels, but its directional change is significant in itself.