According to ChainCatcher, CryptoQuant analyst nino's on-chain data report shows that the Bitcoin Long-Term Holder Profitability Ratio (LTH-SOPR) metric recently fell below the key threshold of 1.
LTH-SOPR specifically tracks the actual profit and loss of long-term investors who have held cryptocurrency for more than 155 days. A value above 1 indicates that the overall market is selling at a profit, while a value below 1 means that long-term holders are exiting at a loss. The current indicator falling below 1 suggests that more and more experienced holders are starting to sell at a loss, and the market may be approaching a "capitulation" phase—that is, even the most patient long-term holders are beginning to react to price pressure, which is usually seen as an important signal in the process of finding a market bottom.
