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I have noticed that short-term Bitcoin holders have been facing a pretty complicated situation lately. The SOPR indicator for these investors has been below 1.0 for almost every day in the past two weeks, which means they are systematically selling at a loss.
The average cost for this group is around $89,000, while the current price is close to $77,850. In other words, they are losing about $12,000 per Bitcoin. With short-term supply decreasing from 6.06 million to 5.92 million BTC, it’s clear that many are simply giving up and realizing their losses.
What draws attention is that the SOPR only crossed above 1.0 once during these weeks, when the price briefly touched $70,800. According to analysts, the real sign of change will only come when the SOPR stays above 1.0 for several consecutive days. Meanwhile, this selling pressure from short-term holders continues to weigh on the market.