According to the latest analysis from CryptoQuant, the price of Bitcoin has now fallen below the Medium purchase price of short-term investors, signaling a clear increase in selling pressure in the market, especially from new participants.
Specifically, on-chain analyst AXEL Adler Jr. noted that the STH-SOPR (Short-Term Holder Spent Output Profit Ratio) on the 30-day Medium has fallen to around 0.98. This is a crucial threshold in market behavior analysis, as SOPR reflects whether investors selling Bitcoin are making a profit or incurring a loss. When this indicator is above 1, it shows that most sell transactions are profitable, while when SOPR falls below 1, the market is witnessing losing sales.
The 30-day SOPR of short-term holder falling to 0.98 indicates that , on Medium, new investors are accepting selling Bitcoin at prices below their Capital basis. This is often a typical manifestation of panic, impatience, or poor risk management during periods of market volatility. Historically, periods when the SOPR of short-term holder remains below 1 are usually accompanied by increased selling pressure and the potential for new local Dip to form if demand is not strong enough to absorb this supply.
CryptoQuant also highlighted that two on-chain indicators are currently showing increasing selling pressure from new participants. This clearly reflects risk aversion for short-term positions, as many investors choose to cut losses rather than continue holding amid an uncertain price trend. This is a common state during market corrections, when short-term confidence is eroded but the long-term structure is not necessarily broken.
