TechFlow News, March 26: According to an on-chain data report published by CryptoQuant analyst nino, Bitcoin’s Long-Term Holder Spent Output Profit Ratio (LTH-SOPR) has recently fallen below the critical threshold of 1.0.
LTH-SOPR specifically tracks the realized profit and loss of long-term investors who have held Bitcoin for over 155 days. A value above 1.0 indicates that long-term holders are, on average, selling at a profit; a value below 1.0 implies they are selling at a loss. The current drop below 1.0 suggests that an increasing number of seasoned holders are succumbing to pressure and selling at a loss—indicating the market may be approaching a “capitulation” phase, where even the most patient long-term holders begin reacting to price pressure. This is typically viewed as a significant signal during the market’s bottom-formation process.
