Analysis: Long-term holder SOPR falls below 1 for the first time since the end of the 2023 bear market
According to Odaily, crypto analyst Darkfost posted on X that long-term holders (LTH) are showing early signs of stress. As the market correction continues, based on the SOPR indicator (Spent Output Profit Ratio), long-term holders are starting to come under pressure. Although the annual average value of the long-term holder SOPR is 1.87, this indicator has dropped below the threshold of 1 to 0.88, marking the first time since the end of the 2023 bear market. This indicates that long-term holders are gradually starting to sell at a loss, reflecting rising market pressure.
However, this trend has not yet been fully established. Looking at the monthly average, SOPR is still at 1.09, indicating that over a broader time frame, most sales are still profitable. Therefore, the market has not yet entered a true capitulation phase for long-term holders. These are just early signs of weakening sentiment, which may dissipate if the market stabilizes, but could intensify if selling pressure persists.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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