Analysis: Bitcoin Unrealized Supply Distribution Slope Increase May Signal Early Bear Market

BlockBeats News, January 29th, CryptoQuant analyst Woominkyu stated that Bitcoin's "Supply in Loss (%)" is starting to rise again. From historical data, this shift marks the early stage of a bear market: at this point, the loss begins to spread, no longer confined to short-term holders but gradually impacting long-term participants.

In previous cycles (2014, 2018, 2022), this metric started to rise before the market bottomed out, while the price continued to weaken. The actual bottom only forms after the "Supply in Loss (%)" significantly expands. Currently, the "Supply in Loss (%)" is still far below historical surrender levels, but the directional change itself is significant. This indicates that the market may be transitioning to a bear market structure rather than experiencing a temporary pullback in a bull market trend.