Long Term Holder SOPR (LTH-SOPR) applies the SOPR framework exclusively to coins that have been held for more than 155 days before being spent, isolating the profit and loss behavior of long-term holders - the cohort most associated with conviction-driven accumulation and strategic distribution across market cycles.
When LTH-SOPR is significantly above 1, long-term holders are spending coins at substantial profits relative to their cost basis - a pattern historically associated with late bull market distribution, as experienced holders capitalize on elevated prices. Extreme high readings have frequently coincided with market cycle peaks, as long-term holders rotate into liquidity. When LTH-SOPR approaches or drops below 1, long-term holders are moving coins at or near a loss - a historically rare condition that has marked generational buying opportunities and cycle bottoms.
Because long-term holders are the least reactive cohort on-chain, shifts in LTH-SOPR carry more structural weight than short-term holder behavior. Reading LTH-SOPR in the context of reserve changes and spending velocity provides one of the clearest on-chain signals of where the market sits within a broader cycle.
