2026-01-13 17:47:38

Bitcoin's STH SOPR indicator dropped to around 0.98 at the end of last year—this level was last seen in November 2022, when Bitcoin just touched the $16K bottom. Now, this indicator has been hovering below 1.00 for over 70 days, indicating that the persistent stop-loss selling pressure has not truly eased.

Interestingly, retail investors' performance. They always enter the market last, and often are the first to exit. This wave of market behavior is no exception—when the chips are cheapest, they are still on the sidelines; when there are some rebound signals, they rush in. When the test comes, they run the fastest.

From on-chain data, the market has not yet entered a true capitulation phase. A real bottom is usually accompanied by a large-scale sell-off, but now it’s just slow, continuous bleeding. In this state, market participants' mentality is still repeatedly entangled.

BTC4.8%

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LiquidationOracle

· 01-16 17:30

Retail really is just a leek harvesting machine, always missing the right timing... 70 days still below 1, the bleeding speed is indeed uncomfortable, but it also indicates that we need to wait a bit longer to bottom out. Retail investors are always the last to know, it's hilarious. This is the real psychological test; whoever can endure until the end wins. The bottom hasn't come yet, don't rush to buy; slowly bleeding is the main theme.

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MindsetExpander

· 01-16 14:14

0.98 is back... This time, I really can't tell if it's the bottom or not. Over 70 days of bottoming out, is it the final squeeze or just bleeding out? Hard to endure. The last retail push is real, always the same — cowardly when cheap, go all-in after a slight rise, then the first to run haha. It's not surrender, just torment... this feeling is the worst. When on-chain data truly explodes, it actually indicates that the bottom has passed. Still, as I always say, enduring a slow death tests human nature more than a sudden crash.

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GateUser-4745f9ce

· 01-15 19:41

It's been over 70 days still hovering below 1.0, when will it finally move? Retail investors are truly the epitome of bagholders. They’re still watching the bottom, rushing in at the rebound. No wonder it hurts so much to cut losses. Chronic death is probably better than a quick liquidation, right? At least there's still a chance to regret. SOPR closely aligned at the end of 2022, this time really starting to resemble it... Why do I feel like I'm waiting for some big show? What’s there to be anxious about? My mindset has already exploded long ago.

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SchrodingerAirdrop

· 01-14 14:01

Retail always works like this—wait until the rebound to come in, then be the first to run... If you're still conflicted about your mindset, it means the bottom hasn't come so quickly. Enduring like this is so uncomfortable.

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NFTRegretful

· 01-13 18:17

The fate of retail investors is always to be the bag holders. This time is different; the real capitulation hasn't even started yet. Over 70 days and still below 1? Wait, how long can this last? I just want to know when we'll see the real sell-off. It's too painful to watch the current situation.

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fork_in_the_road

· 01-13 18:16

Retail is playing that old trick again... waiting for a rebound before rushing in, it's really incredible. It's been over 70 days without recovery, and this time it's really a bit stiff. Chronic bleeding is even harder to endure than a big drop. Who can withstand this tug-of-war? The bottom is still far away, and the mindset needs to be managed first.

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BagHolderTillRetire

· 01-13 18:12

Retail has been harvested again, I’m very familiar with this move haha Still bleeding after 70 days, it seems the real surrender moment hasn’t arrived yet When the chips are cheap, everyone is just idling; only when it rebounds do they rush in. Who’s to blame? Right now, this mindset is just constant indecision, it’s uncomfortable Still have to wait, the true bottom might not have been reached yet

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LiquidityNinja

· 01-13 18:11

It’s been over 70 days without recovery, and this is the most heartbreaking part... --- Retail investors are back again, and this time they probably have to take the hit --- Slowly bleeding out is more unbearable than a sharp plunge; I really can’t keep my composure anymore --- SOPR has returned to the 2022 level again, feels like a cycle repeating --- When chips are cheap, everyone hesitates; only when it rebounds do they rush in, then... you know --- If you haven't entered the surrender phase, then you still need to keep squeezing --- The true bottom is not that easy to judge; who dares to hold heavy positions like this

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DefiPlaybook

· 01-13 17:58

That's retail for you, always caught in the cycle of chasing gains and cutting losses. Staying below 1 for over 70 days indicates that this wave hasn't truly capitulated yet; it's just bleeding out slowly, and it's exhausting.

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CodeAuditQueen

· 01-13 17:52

Over 70 days without a significant drop—that's a common logical fallacy: market participants treat "slow bleeding" as some kind of healthy signal, when it's actually like missing overflow checks in smart contracts—it's bound to blow up eventually. The retail entry rhythm is basically a reentrancy attack: repeatedly buying the dip and repeatedly getting liquidated, with no real risk model to speak of.

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