Bitcoin short-term holders selling at a loss… realized profit-loss ratio 0.993

Bitcoin's short-term holder realized profit/loss ratio (STH-SOPR) has fallen to 0.993, slipping below the breakeven threshold of 1 and indicating that coins moved within the past 155 days are, on average, being spent at a loss. CryptoQuant analyst Axel Adler Jr. noted the metric remains higher than during past periods of market stress, suggesting no signs of capitulation-level selling yet. The STH-SOPR measures the dollar value of coins at the time they are moved against their value at creation, covering coins last moved between one hour and 155 days ago. The sub-1 reading signals that recent buyers are underwater on average, a condition that matters because it can pressure short-term holders to sell and cap upside momentum. Traders will watch whether the ratio slides further toward levels seen in prior capitulation episodes or recovers back above 1 as a sign of renewed profitability for recent buyers.