【An Underestimated On-Chain Signal: BTC Is Undergoing "Structural Change" Rather Than a Normal Pullback】

CryptoQuant analyst Woominkyu's latest on-chain data is worth a serious look for anyone involved in mid to long-term strategies.

The "Supply in Loss %" for Bitcoin has turned upwards again.

This is not a sentiment indicator, but a reflection of the real state of funds.

Historically (2014 / 2018 / 2022), when this signal appears, the market is often at the same stage👇

👉 Losses begin to spread from short-term holders, gradually affecting long-term participants

👉 Prices still show a downward inertia, with the true bottom yet to emerge

👉 Market structure begins to transition from a "Bull Market" to a "Defensive Market"

One key point to understand is:

The true market bottom does not form when "losses just appear," but rather after losses have been fully released.

Currently:

• The absolute value of the supply in loss percentage is still significantly below historical capitulation ranges

• However, a "directional change" has occurred, and it carries phase significance

What does this mean?

👉 The market currently resembles a construction of a bear market structure, rather than a normal pullback within a bull market.

For traders, this is neither a call for a short nor a panic signal,

but rather a reminder👇

When the on-chain structure changes, the most important thing is not to predict price levels, but to adjust strategies.

Those who survive before the cycle shifts,

are never the most aggressive, but rather those who are the first to identify "structural changes."

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