Bitcoin (BTC) has posted five consecutive monthly declines since October 2025. In March, the cryptocurrency is currently up around 0.56% amid macro headwinds.
A red close would tie the 2018–2019 stretch as the longest consecutive monthly losing streak in Bitcoin’s recorded history.
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Bitcoin Monthly Returns Since 2013. Source: CoinglassThe sell-off has pushed BTC roughly 46.8% below its all-time high near $126,000. With the asset trading around $67,800, an on-chain indicator is now flashing a capitulation signal typically associated with market bottoms.
Analyst Crypto Dan flagged that the Long-Term Holder Spent Output Profit Ratio (SOPR) is below the 1.0 threshold. This means investors holding BTC for over 155 days are now selling at a loss on average.
When this metric falls below 1, it typically signals a phase in which even conviction-driven participants exit positions while absorbing losses.
The analyst said that historically, such readings have preceded the exhaustion of sell-side pressure. This, in turn, results in market bottoms or zones close to long-term lows.
Bitcoin Long Term Holder SOPR. Source: CryptoQuant/Crypto DanPreviously, analyst Michaël van de Poppe pointed to the BTC/Gold ratio chart, which shows a roughly 70% drawdown from its peak.
However, on-chain analyst Willy Woo presented a more cautious outlook. Woo, citing “old school onchain models,” noted that BTC could bottom between $46,000 and $54,000.
This aligns with other analysts’ views who project a potential bottom forming below $40,000, suggesting the current sell-off may still have further to go.
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The post Bitcoin Hit a 5-Month Losing Streak — On-Chain Data Screams Capitulation appeared first on BeInCrypto.
Source: https://beincrypto.com/bitcoin-on-chain-capitulation-bottom-signals/
