Bitcoin's Long-Term Holder Spend Output Profit Ratio (SOPR) has recently fallen below 1, sparking speculation about a potential market bottom.
The SOPR metric measures the profit or loss made by long-term holders when selling their coins on-chain. A value below 1 indicates that these investors are incurring losses, which may signal a shift in market dynamics.
According to CryptoQuant data, Bitcoin's price has been changing hands at around $66.7K, mirroring previous recovery phases. This suggests that the current market structure is experiencing notable stress, but also presents an opportunity for a strong rally.