Bitcoin is experiencing renewed selling pressure, with cumulative sell-offs reaching billions of dollars, according to a Bitfinex analysis. The adjusted Spent Output Profit Ratio (SOPR) has dropped to the 0.92–0.94 range, indicating a shift towards loss-making for most cryptocurrencies. Despite marginal improvements in macroeconomic conditions, such as declining inflation and expectations of interest rate cuts, these factors are insufficient to alter Bitcoin's oscillating pattern. The analysis highlights that while the macroeconomic environment offers some liquidity buffer, it does not support a sustained bull market. Bitcoin may see short-term tactical rebounds, but a long-term upward trend requires clearer signals of declining inflation and sustained spot demand. The slow pace of liquidity recovery continues to pose challenges for the crypto market.