Short Term Holder SOPR (STH-SOPR) applies the SOPR framework exclusively to coins that have been held between 1 hour and 155 days before being spent, isolating the profit and loss behavior of recent market entrants and active traders from the broader on-chain signal.
When STH-SOPR is above 1, short-term holders are on aggregate selling at a profit - in bull markets, this is typical behavior as recent buyers realize gains into strength. When it drops below 1, short-term holders are selling at a loss, which during downtrends often reflects panic or capitulation among recent entrants who bought at higher prices. The metric is particularly sensitive to short-term market sentiment shifts, making it a useful tool for identifying local tops and bottoms driven by recent buyer behavior.
In bull markets, STH-SOPR retesting 1 from above and holding tends to act as a support signal - short-term holders are unwilling to sell at break-even, reinforcing the trend. In bear markets, the inverse applies. Failed attempts to reclaim 1 from below often confirm continued downside pressure among the most reactive market participants.
