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Analyst: Bitcoin long-term holders' SOPR falls to 0.94, transferring at a loss for 8 consecutive days.

14 minutes ago

CryptoQuant analyst Axel Adler Jr released data showing Bitcoin’s Long-Term Holder Spent Output Profit Ratio (LTH-SOPR) has fallen to 0.94, remaining in negative territory for eight consecutive days. This means the average price at which old coins moved by long-term holders is below their holding cost basis. While similar readings were observed over the past year, Adler noted the speed at which the metric turned negative this time is particularly notable, adding that it will be critical to monitor whether the indicator can rebound back above 1. Separately, Bitcoin’s long-term holder supply has dropped to 16.3 million BTC, a decrease of 171,700 coins over the past month. The analyst explained that tokens are automatically categorized as long-term holder supply after being held for 155 days, so changes in this metric do not necessarily signal buying or selling activity. Over the past year, the supply has stood at or below the current level on 47% of trading days. Adler pointed out a comparable LTH-SOPR reading occurred on August 22, 2026, when Bitcoin traded at $77,075; the price rose 12.4% one month later. He emphasized this is a historical reference, not a prediction. Both metrics point to a correction scenario, Adler said, with the monthly decline in LTH-SOPR being one of the most significant over the past year as old coins continue to circulate at a loss. If such circulation returns to positive territory, his assessment will shift to neutral.

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