IT Tech
Bottom callers are multiplying. But one metric just hit 29 consecutive days in distress territory
Bitcoin LTH/STH SOPR Ratio at 0.89. • SOPR Ratio: 0.89 (SMA90: 1.13 - 21% below trend) • STHs moving coins at a loss vs LTHs, spread widening • Same pattern as Dec 2022 capitulation (0.50-0.55) Recent buyers are underwater. LTHs aren't selling, but they're not absorbing either. Context: • 2018 bottom: 0.48 • 2022 bottom: 0.50 • Now: 0.89 - early distress, not max pain Takeaway: STH capitulation building, but nowhere near extremes. Calling a structural low here is premature. ⚠️