[CryptoQuant Analyst: Bitcoin Supply in Loss Rises, Possibly Indicating Early Bear Market Stage] CryptoQuant analyst Woominkyu stated that the market may be transitioning to a bear market structure rather than experiencing a temporary pullback within a bull market trend. Bitcoin's supply in loss (Supply in Loss, abbreviated as SALL) has started to rise again. Historical data shows that this shift marks the early stage of a bear market, where 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 bottom was reached, while prices continued to weaken. A true bottom only forms after the supply in loss expands significantly. Currently, the supply in loss remains far below historical capitulation levels, but the directional change itself is significant.