Analysis: The SOPR for long-term holders has fallen below 1 for the first time since the end of the bear market in 2023.

Crypto analyst Darkfost wrote on the X platform that long-term holders (LTH) are showing early signs of stress. As the market correction continues, LTH holders are beginning to feel the pressure, according to the SOPR (Spend-to-Profit Ratio). While the annualized LTH SOPR is 1.87, it has fallen below the threshold of 1 to 0.88, the first time this has happened since the end of the bear market in 2023. This suggests that LTH holders are gradually starting to sell at a loss, reflecting increasing market pressure. However, this trend is not yet fully established. Looking at the monthly average, the SOPR remains at 1.09, indicating that most sales are still profitable over a broader timeframe. Therefore, the market has not yet entered a true capitulation phase for LTH holders. These are just early signs of weakening sentiment, which may fade if the market stabilizes, or intensify if selling pressure persists.