aSOPR for Bitcoin has dropped to the range of 0.92-0.94. Historically, this level has indicated critical selling pressure and a trend shift to bearish, according to CryptoQuant analyst Woominkyu.
Back to Bear Market Territory
— CryptoQuant.com (@cryptoquant_com) February 16, 2026
“Bitcoin Adjusted SOPR (aSOPR) has dropped back toward the 0.92–0.94 zone — a level that historically marked major bear market stress points.” – By @Woo_Minkyu pic.twitter.com/xWx3qeCJYD
The expert noted similarities between the current situation and the deep corrections of 2019 and 2023. During those times, widespread loss realization led to investor capitulation and a subsequent market "reset."
A value below 1 indicates that coins are being sold at a loss. Woominkyu emphasized the difference between the current scenario and typical mid-cycle pullbacks:
“Unlike short-term dips, where aSOPR quickly returns to 1, we are currently witnessing sustained weakness and ongoing loss realization.”
According to the analyst, if the indicator does not recover above parity soon, the likelihood of entering a full-blown bear phase will significantly increase. The current market structure resembles a global trend shift rather than a local correction.
The specialist pointed out that the market has already entered the "stress zone," but has not yet reached the final capitulation stage. To form a "true bottom," a peak in loss realization and complete exhaustion of selling pressure is necessary.
Risk of Cascading Liquidations
Bitcoin is approaching the critical level of $60,000. Breaking through this level could trigger a surge in volatility and forced selling in the options and lending markets.
BITCOIN’S $60K LEVEL SEEN AS LIQUIDATION TRIGGER
— *Walter Bloomberg (@DeItaone) February 13, 2026
Bitcoin faces a key test at $60,000, with options and loans suggesting a breach could spark forced selling and sharp volatility.
Deribit data shows the largest cluster of put options pays off below $60K, near the 200-week moving… pic.twitter.com/aoYNFHAvlJ
According to Deribit, the largest cluster of put options with an open interest of $1.24 billion will become profitable if prices fall below $60,000.
Nearby is an important technical support level — the 200-week moving average at $58,000. A price drop into this zone would trigger automatic liquidations of Bitcoin-backed loans and a chain reaction of deleveraging.
Staying below $60,000 could pave the way to the $50,000 mark, where another significant volume of puts is concentrated.
Market sentiment remains bearish. A drop below the $58,000-60,000 range could deepen the correction by another 20%, while local rebounds currently appear weak.
Recall that on February 14, analyst Ash Crypto noted the formation of a bullish reversal pattern known as "Adam and Eve."