Bitcoin’s recent dip below $90,000 has triggered a notable shift in market dynamics, with long-term holders (LTHs) stepping back from selling and a key profitability metric reaching two-year lows.

SopR ratio at two-year low

Onchain analytics platform CryptoQuant reported that the Bitcoin SOPR Ratio (LTH-SOPR / STH-SOPR) has fallen to 1.35, its lowest point since early 2024.

This ratio contrasts the profitability of unspent transaction outputs (UTXOs) from long-term holders—those holding for more than 155 days—against short-term holders (STHs).

The metric’s decline coincides with Bitcoin’s price correction to the $89,700 level.

Shift in selling behavior

According to CryptoQuant, LTHs have effectively abandoned large-scale selling as price action weakened. The analysis highlighted a significant change:

“The Bitcoin SOPR Ratio (LTH-SOPR / STH-SOPR) has dropped to 1.35, marking its lowest level since the beginning of 2024. This decline coincides with Bitcoin’s price correction to the $89.7K level.”

The study concludes this marks the “end of heavy distribution” by LTHs, with a “market cool-down” now in effect. The post added:

“The speculative froth that drove the ratio to highs earlier in the cycle has been flushed out.”

Short-term holders drive profit activity

With LTHs stepping back, short-term holders are now the primary group conducting in-profit transactions.

Their trading behavior has become more volatile, as reflected in a sharp net position increase in late November, followed by a swift reversal as Bitcoin continued to correct.