The STH-SOPR (Short Term Output Profit Ratio) indicator, a tool that measures the profitability of Bitcoin transactions held from one hour to 155 days, highlights a notable shift in the cryptocurrency market. Calculated by dividing the realized value of sold Bitcoins by their creation value, it isolates short-term transactions, covering Bitcoins aged between one hour and 155 days.

An STH-SOPR value greater than 1 means Bitcoins are sold at a profit, while a value below 1 indicates a loss. Recently, the indicator has been on a decline since its peak in March 2023, suggesting short-term investors are experiencing less profitable trading conditions. This may indicate increased caution or pessimism among traders who are selling at a loss or without realizing a profit.