Bitcoin long-term holder SOPR falls below 1, indicating losses

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Bitcoin’s long-term holder SOPR (Spent Output Profit Ratio) has fallen below 1 for the first time in 1-2 years, marking a significant moment as holders realize considerable losses, according to Glassnode. This decline is reminiscent of the SOPR readings observed prior to the collapse of the LUNA ecosystem in May 2022, indicating a potential trend of holder capitulation. Such metrics typically suggest reduced selling pressure and may signal a market cycle low.

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