Bitcoin’s recent dip below $90,000 has triggered a notable shift in market dynamics, with long-term holders (LTHs) stepping back from selling and a key profitability metric reaching two-year lows.
SopR ratio at two-year low
Onchain analytics platform CryptoQuant reported that the Bitcoin SOPR Ratio (LTH-SOPR / STH-SOPR) has fallen to 1.35, its lowest point since early 2024.
This ratio contrasts the profitability of unspent transaction outputs (UTXOs) from long-term holders—those holding for more than 155 days—against short-term holders (STHs).
The metric’s decline coincides with Bitcoin’s price correction to the $89,700 level.
Shift in selling behavior
According to CryptoQuant, LTHs have effectively abandoned large-scale selling as price action weakened. The analysis highlighted a significant change:
“The Bitcoin SOPR Ratio (LTH-SOPR / STH-SOPR) has dropped to 1.35, marking its lowest level since the beginning of 2024. This decline coincides with Bitcoin’s price correction to the $89.7K level.”
The study concludes this marks the “end of heavy distribution” by LTHs, with a “market cool-down” now in effect. The post added:
“The speculative froth that drove the ratio to highs earlier in the cycle has been flushed out.”
Short-term holders drive profit activity
With LTHs stepping back, short-term holders are now the primary group conducting in-profit transactions.
Their trading behavior has become more volatile, as reflected in a sharp net position increase in late November, followed by a swift reversal as Bitcoin continued to correct.
