NewsBTC
Feb 28, 2026
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BEARISH 📉 : Bitcoin Long-Term Holders Begin Realizing Monthly Losses

Bitcoin's long-term holders (LTH) are experiencing a challenging phase as their average monthly SOPR (Spent Output Profit Ratio) value slips below 1, currently at 0.98. This indicates that these holders are starting to realize losses monthly.

Key Points

  • The SOPR metric tracks whether coins moved by LTHs are done profitably or at a loss.
  • A SOPR value above 1 signifies profitable movements, while below 1 indicates losses.
  • The current monthly reading of 0.98 signals potential increased selling pressure from LTHs.
  • Annually, the SOPR remains positive at approximately 1.84, representing an 84% average realized gain.
  • The annual SOPR has been declining and hasn't exceeded the previous cycle's peak values.
  • SOPR values historically drop towards 0.6 during bear markets, correlating with 40% average realized losses, but the current level is not yet near capitulation.
  • Bitcoin's price is around $64,247, reflecting a 4.85% loss over the past day.

Bitcoin

This transitional phase for Bitcoin's LTHs may impact market dynamics if realized profits continue to fade, potentially affecting selling pressures.