CryptoQuant analyst Woominkyu suggests that the recent increase in Bitcoin's supply in losses (SALL) could signal the early stages of a bear market. Historically, a rise in SALL has preceded market bottoms, as seen in past cycles like 2014, 2018, and 2022, where losses extended from short-term to long-term holders. Although current loss-making supply remains below historical capitulation levels, the upward trend is noteworthy, indicating a potential shift from a bull market pullback to a bear market structure.