Analyst: BTC holders are selling at a loss, a phase similar to past bear markets

Bitcoin's adjusted Spent Output Profit Ratio (aSOPR) has reached a resistance zone of 0.92–0.94, a level seen in previous major bear markets, according to a CryptoQuant contribution by analyst Woo Min-gyu. He noted that the metric fell to similar levels during the downturns of 2019 and 2023, which were characterized by intense selling, capitulation pressure, and market restructuring. An aSOPR value below 1.0 signifies that holders are selling BTC at a loss. While the metric typically recovers quickly above 1.0 during minor pullbacks, it has currently remained below this threshold for an extended period. "Based on historical patterns where bottoms formed only after deep declines and the complete exhaustion of selling pressure, the current structure suggests that further downward pressure may remain," Woo explained.