Woofun AI data shows that the profit-loss ratio of unspent Bitcoin transaction outputs has declined to its minimum point since the onset of the current bear market. This metric indicates a broad "surrender" phase, marking the first such signal in this adjustment cycle. The volume of Bitcoin UTXOs sold at a loss has reached significant levels, a condition historically associated with market bottoms. The previous instance of this indicator reaching similar lows occurred in mid-2023, coinciding with Bitcoin trading near $26,000.

The Profit-to-Outflow Ratio for long-term holders is shifting into negative territory, reflecting their entry into a surrender phase. Recent market adjustments were primarily driven by short-term holders transferring Bitcoin to exchanges. Swissblock states that Bitcoin has largely completed its initial decline and is currently forming a bottom, with prices stabilizing despite weak momentum. Geopolitical tensions from US airstrikes on Iranian targets increased risk aversion, causing Bitcoin to briefly dip to $59,800 before recovering to approximately $60,100.