Woofun AI data shows that the Bitcoin unspent transaction output (UTXO) loss-to-profit ratio has declined to its lowest point in the current bear market cycle. CryptoQuant analyst Darkfost noted this metric previously aligned with historical cycle bottoms, including the mid-2023 period when prices dipped near $26,000. The signal marks the first such trigger since the correction began, indicating a surge in loss-making sales.

Additionally, the spent output profit ratio for long-term holders is shifting into negative territory.