I noticed an interesting pattern in the behavior of short-term Bitcoin holders. Analysts track the SOPR metric, which shows the ratio of the selling price to the purchase price, and for several weeks now, this group of investors has been systematically closing positions at a loss. In the past few days, the SOPR for short-term holders has been below 1.0 for most of the time—this means they are selling for less than they bought.

What’s especially interesting: their average entry cost is around $89,000, while the current price of Bitcoin has already risen to $76.87K. The 24% difference represents serious unrealized losses. Over two weeks, the volume of their sell-off supply has decreased by roughly 140,000 BTC, which could indicate either capitulation with losses realized or a natural transition of coins into long-term storage.

Most importantly: this excess supply from short-term holders creates a structural barrier to growth. Even if the price starts to bounce, they will use any rebound to exit at least without losses, which will suppress the upward move’s strength. The real signal of a turnaround is when SOPR confidently stays above 1.0 for several days in a row while quotations rise at the same time. So far, market pressure is sufficient.