Reposted from Twitter: The Bitcoin Long-Term Holder Spent Output Profit Ratio (LTH-SOPR) has dipped to a low point in this bull market. The LTH-SOPR is an on-chain Bitcoin metric that calculates the profit ratio of Bitcoin sold by addresses held for more than 155 days (defined as long-term holders). Specifically, it assesses the profit by comparing the selling price of these long-term held coins to the initial acquisition price: a LTH-SOPR greater than 1 indicates that long-term holders are selling at a profit; equal to 1 indicates break-even; and less than 1 indicates selling at a loss. This metric reflects the market behavior of long-term holders and overall market sentiment. For example, a high LTH-SOPR may indicate that long-term holders are locking in profits, suggesting the market may be at the top of a bull market or in an overheated phase; conversely, a low LTH-SOPR (especially below 1) indicates that long-term holders are selling at a loss, potentially signaling a market bottom or the end of a bear market, thus helping investors determine potential buy or sell opportunities.