The crypto market, after a prolonged correction, has once again exhibited a key signal repeatedly validated by historical data. On-chain analysis platform CryptoQuant's data shows that Bitcoin's long-term holder SOPR (Spent Output Profit Ratio) has fallen below the critical threshold of 1. This indicates that those "diamond hands" who are least sensitive to short-term fluctuations are selling their Bitcoin at a loss. This phenomenon is widely interpreted by the market as a "capitulation" behavior, often signaling that the momentum for large-scale selling is waning, and the market may be approaching or already at a bottom.

Why is the behavior of long-term holders considered the "ballast" of the market?
Long-term holders (typically addresses holding Bitcoin for over 155 days) are the most steadfast group in the market. They react far less to short-term price fluctuations, news events, and macro sentiment.
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