Glassnode reports that Bitcoin's recent correction to $60,000 has exerted notable psychological strain on long-term holders, drawing parallels to the May 2022 LUNA collapse. In both episodes, the 7-day EMA of long-term SOPR fell below 1 after prolonged periods above this threshold, indicating a rare phase of realised losses among seasoned investors typically associated with terminal bear market sentiment.

The initial decline in November 2025 was characterized by market resilience, with robust absorption of selling pressure akin to reactions following the collapses of LUNA and FTX. Conversely, the current downturn elicited limited accumulation activity, which lagged behind the more vigorous rebounds observed in residual phases of the 2025 decline and preceding reflexive demand spikes.