2025-12-18 07:56:28

On-chain data shows that the Bitcoin price has broken below the average cost basis of short-term holders (STH). The latest 30-day STH-SOPR (Spent Output Profit Ratio) indicator has fallen to 0.98, indicating that new retail investors and short-term traders are accelerating their exit.

How to interpret the SOPR indicator? Simply put, it is the ratio of the average selling price to the buying price of short-term holders. When SOPR is above 1, it means they are making a profit and are in a bullish mood; once it drops below 1, it indicates they are losing money, which naturally creates strong selling pressure.

The number 0.98 may seem insignificant, but it reflects a real shift in market sentiment. Short-term holders are usually the most sensitive to price fluctuations, and their concentrated sell-off after losses often further depresses the market. From this perspective, Bitcoin is currently facing not only technical pressure but also emotional shocks from market participants.

BTC0.09%

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PoolJumper

· 12-19 01:00

Retail investors are again bottom-fishing halfway up the mountain, this time really trapping a bunch of people. --- 0.98... Alright, those new rookies are about to start screaming. --- Every time it gets like this, I know a crash is coming. Just watch. --- Short-term traders are panicking, huh? Serves them right. --- So, technical analysis is useless; it all depends on whether people's hearts are divided or not. --- Falling again? I already ran away a long time ago. --- These people are really toxic; as soon as they enter, they buy at the top.

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OnchainArchaeologist

· 12-18 08:24

Retail investors are starting to cut losses again, this wave is really quite brutal BTC falls below the cost price, can the retail investors hold on? 0.98, the number doesn't seem big, but the impact is quite strong It's the same script again, short-term traders panic and the entire market is finished When SOPR drops below 1, it's a signal, everyone needs to wake up Newbie bagholders are really at a loss this time, right? I just want to see how far this drop can go Selling pressure is mounting, what will happen next? Collapse of short-term holders = a bottom is coming? This emotional sell-off is more intense than technical signals

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ruggedNotShrugged

· 12-18 08:22

Retail investors are starting to cut losses again, this wave is really a bit tough... 0.98 is just a signal, new retail investors who should be running are all running The short-term market is so miserable, no wonder so many people are calling for a bear market But to say it again, it's always like this—first crash, then rally, it's a routine People losing money are all selling off, this is the market's temperature Let's see how far it can fall... This wave of sentiment is indeed explosive, on-chain data never lies It's also the moment for short-term players to suffer heavy losses and exit Forget it, just cut losses if you need to, anyway a rebound is coming

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NFT_Therapy_Group

· 12-18 08:16

Retail investors are getting cut again, SOPR dropping to 0.98 is a signal --- 0.98... This time it's really going to crash, short-term players are crying and shouting --- It’s always like this, newcomers get trapped, then everything collapses --- The selling pressure, to put it simply, is a mental breakdown, collective sell-off --- Going to fall again? I just bought... --- The SOPR indicator is pretty harsh, it hits right in the heart --- Nightmare for short-term holders, opportunity for long-term holders? Or just joint burial --- 0.98 doesn’t seem like much, but it’s a sign that the market is starting to turn --- I'm done, every round I have to bleed again --- The most terrifying part is the emotional impact; technical analysis can look at K-line charts, but this cannot be seen

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GateUser-5854de8b

· 12-18 08:15

Retail investors are starting to cut losses again. How many people will be ruined this time?

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SatoshiNotNakamoto

· 12-18 08:14

Retail investors are starting to cut losses again. I'm tired of this routine. Breaking below the cost price and then dumping the market, showing no resolve at all. At the 0.98 level... hmm, should I buy the dip or wait a bit longer? Short-term traders are truly the most naive among the retail investors, constantly chasing highs and selling lows. It's always the same "emotional shift" story, played out every time. A group of people lose money and then run away—that's the real picture of the crypto world.

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