Bitcoin's adjusted Spent Output Profit Ratio (aSOPR) has dropped to 0.92–0.94, indicating holders are selling at a loss, similar to previous bear markets. This level was observed during the 2019 and 2023 downturns, periods marked by heavy selling and market restructuring. Analyst Woo Min-gyu suggests continued downward pressure based on historical patterns where market bottoms formed only after extensive selling exhaustion.