Bitcoin Long-Term Holders Show Early Signs of Stress Amid Market Correction

Last updated on March 8th, 2026 at 05:37 pm

Bitcoin long-term holders (LTHs) are beginning to show signs of stress as the current market correction continues, according to recent data from CryptoQuant.

Crypto markets see shifts among long-term holders

Analysts point to the Spent Output Profit Ratio (SOPR), which measures profits or losses when Bitcoin is sold, as a key indicator.

The SOPR for LTHs has dropped below 1 for the first time since the end of the 2023 bear market, currently sitting at 0.88. A reading below 1 signals that, on average, holders are selling their BTC at a loss. While the annual average SOPR for LTHs remains high at 1.87, this recent dip marks a notable shift in market dynamics, suggesting that even historically resilient holders are starting to reduce exposure amid the downturn.

What the data means for investors

Historically, prolonged SOPR drops like this are seen in the later stages of a bear market, when selling pressure rises among long-term investors. However, the monthly average SOPR for LTHs is still 1.09, showing that, across a longer timeframe, most sales remain profitable.

Experts caution that this does not yet signal full LTH capitulation. Instead, it points to early signs of weakening sentiment, which could either stabilize if market conditions improve or worsen if selling pressure continues.

Traders and investors are advised to monitor these metrics closely in the coming weeks. The SOPR trend among long-term holders is an important barometer for market stress, as shifts in LTH behaviour can often precede broader market moves.

As Bitcoin remains in correction territory, understanding these on-chain indicators can help investors gauge market health and prepare for potential volatility.

Meanwhile, Bitcoin recorded $2.3 billion in realized losses over a seven-day average, marking what analysts describe as one of the most significant capitulation events in its history. According to market analyst IT Tech in a note published on CryptoQuant, the scale of the losses places the current downturn.

Enjoyed this piece? Bookmark DeFi Planet, explore related topics, and follow us on Twitter, LinkedIn, Facebook, Instagram, Threads and CoinMarketCap Community for seamless access to high-quality industry insights.