Recent on-chain data reveals significant activity in the Bitcoin (BTC) market as both short-term holder SOPR and global SOPR metrics have plunged to levels reminiscent of key recovery phases in the past. As BTC hovers around $86.7K, these indicators may signal a potential shift in market dynamics.
Short-Term Holder SOPR Experiences Major Dips
The short-term holder SOPR chart has exhibited notable fluctuations throughout 2023 and 2024. Typically, this ratio operates around the 1.0 mark, but it has recently registered three significant drops well below this threshold. The initial dip occurred in late 2023 during a pronounced market correction, followed by another substantial decline around mid-2024 amidst heightened price volatility. The latest dip, observed near late 2025, shows similar depths to previously indicated signals.
These dips often indicate that short-term holders are selling at a loss, which traditionally suggests that market pressure has reached extreme levels before stabilizing. The observed pattern across these zones aligns with historical phases where market stress peaked temporarily.
Global SOPR Shows Uncommon Low Readings
In parallel, the global SOPR for all spent outputs has also shown rare low readings. This metric generally fluctuates around the 1.0 line; however, several significant drops have been identified on the chart, marked distinctly for emphasis. The first notable decline occurred in 2019, coinciding with BTC trading around the $4K mark, and another significant dip was recorded in 2022 when BTC hovered near $20K. The current drop aligns with the ongoing cycle while BTC is priced near $86.7K.
Such low readings typically indicate that a considerable volume of spent outputs is being sold at a loss, reflecting periods of market distress when a significant portion of supply is transacting below cost basis. Historically, similar dips have often preceded strong market rebounds following extensive selling pressure.
SOPR Indicators Align for Potential Market Shift
The convergence of both short-term and global SOPR indicators at these deep low levels is a rare occurrence, having happened only a few times in previous cycles. Notably, when both metrics reached comparable zones in the past, Bitcoin frequently entered phases characterized by weakened downward pressure.
As BTC maintains its position near $86.7K, these signals are generating interest among traders who are closely monitoring potential shifts in market behavior. This alignment raises a critical question: will the current SOPR readings once again indicate a significant reversal point for BTC, as witnessed in earlier cycles?
