Xaif-Crypto

Long-Term Holders Are Cracking.
For the first time since the end of the 2023 bear market, LTH SOPR has dropped below 1  now sitting at 0.88.
That means long-term Bitcoin holders are starting to sell at a loss.
Historically, this kind of breakdown appears in the late stages of a bear phase, when even the strongest hands begin reducing exposure. The annual average remains elevated at 1.87, but the shift in momentum is clear.
True capitulation typically aligns with monthly SOPR near 0.5. We’re not there yet monthly average still holds at 1.09 meaning broader profits remain intact.
This is not full capitulation.
It’s the early stress signal.
If the market stabilizes, sentiment can recover.
If selling accelerates, pressure compounds.
The next few weeks will define whether this becomes a temporary shakeout or the transition into deeper downside structure.
Market structure is changing. Monitor closely.