Bitcoin Hit a 5-Month Losing Streak — On-Chain Data Screams Capitulation
Bitcoin is experiencing its longest losing streak in five years, with on-chain data suggesting a potential market capitulation as long-term holders begin selling at a loss.Summary
Bitcoin (BTC) has endured five consecutive months of declines since October 2025, nearing the longest losing streak in its history. Currently up slightly in March despite macroeconomic challenges, BTC has fallen roughly 46.8% from its all-time high of $126,000, now trading around $67,800. An on-chain indicator, the Long-Term Holder Spent Output Profit Ratio (SOPR), is below 1.0, signaling that investors holding BTC for over 155 days are selling at a loss, a pattern often associated with market bottoms. Analysts like Crypto Dan suggest this indicates widespread capitulation, while Michaël van de Poppe points to a 70% drawdown from peak levels, historically coinciding with bear market bottoms. However, Willy Woo cautions that a bottom could be between $46,000 and $54,000, aligning with other analysts predicting a potential bottom below $40,000, suggesting further declines are possible.
(Source：BeInCrypto)