• Bitcoin holders have begun to sell at a loss after an extended period of making a profit.
• Key technical indicators showed that the bears are in control of the market.

Bitcoin’s [BTC] Adjusted Spent Output Profit Ratio (aSOPR) has fallen below 1 for the first time since October 2023, according to CryptoQuant data. This indicates that, on average, investors are now selling their holdings at a loss.

BTC’s aSOPR measures the profit or loss realized when the coin is spent by its holders. An aSOPR value above 1 signifies that coins are being sold at a profit overall. Conversely, a value below 1 suggests that investors are selling at a loss.