Analyst: Bitcoin long-term holder SOPR falls to 0.94, in loss territory for 8 consecutive days

AT A GLANCE

The report said Bitcoin long-term holder LTH-SOPR fell to 0.94 and has been in loss territory for 8 consecutive days, but a decline in supply does not necessarily represent selling.

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Analyst: Bitcoin Long-Term Holder SOPR Falls to 0.94, Marking 8 Consecutive Days of Loss-Making Transfers

BlockBeats News, November 10, CryptoQuant analyst Axel Adler Jr released data showing that the Bitcoin Long-Term Holder Spent Output Profit Ratio (LTH-SOPR) has fallen to 0.94 and has remained in loss territory for 8 consecutive days, meaning that the average selling price of old coins transferred by long-term holders is below their cost basis. Similar readings have appeared over the past 1 year, but he noted that the speed at which losses are being realized this time is particularly pronounced, and said it is important to watch whether the indicator can return above 1.

Meanwhile, the supply held by long-term holders has fallen to 16300000 BTC, a decrease of 171700 BTC over the past 1 month. The analyst explained that coins are automatically counted as long-term holder supply after being held for 155 days, so changes in this metric do not necessarily mean that buying or selling has occurred. Over the past 1 year, the supply has been at least at the current level on 47% of trading days.

The analyst said that a similar LTH-SOPR reading appeared on August 22, 2026, when the Bitcoin price was 77,075 USD, and 1 month later the price was 12.4% higher, emphasizing that this is only a historical comparison and not a prediction. He believes both indicators point to a pullback scenario: the monthly decline in LTH-SOPR is one of the more significant drops over the past 1 year, and old coins are still changing hands at a loss; if the relevant transfers return to profitable territory, the assessment would turn neutral.

Original link: https://m.theblockbeats.info/flash/376521

Key points

BlockBeats reported on November 10 that CryptoQuant analyst Axel Adler Jr said Bitcoin long-term holder LTH-SOPR fell to 0.94 and has been in loss territory for 8 consecutive days.
According to the report, this reading means the average transaction price of old coins moved out by long-term holders is below their holding cost; the analyst said the speed of this shift into realized losses is relatively notable.
The long-term holder supply in the report is 16,300,000 BTC, a decrease of 171,700 BTC over the past 1 month.
Analysts explained that tokens held for 155 days or more are automatically counted in the long-term holder supply, so changes in supply do not necessarily indicate buying or selling; over the past 1 year, on 47% of trading days, this supply was at least at its current level.
Analysts compared it to a similar reading on August 22, 2026: at that time, the Bitcoin price was 77,075 USD, and 1 month later it was 12.4% higher, but they emphasized that this is not a prediction.
The analyst believes the two indicators point to a correction scenario; if the related flows return to profit territory, his assessment will turn neutral.

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

This report focuses on two different indicators: LTH-SOPR describes the profit-and-loss status of old coins when moved out, with 0.94 corresponding to loss territory; long-term holder supply describes the amount of coins classified by holding time. A decrease in supply cannot be directly understood as long-term holders selling an equivalent number of coins.

Why it matters to readers

The analyst uses the continued loss-making circulation of old coins as the basis for assessing a correction scenario, and suggests watching whether LTH-SOPR can return above 1; this is his observation and judgment, not a definitive conclusion about price movement.

The key is to distinguish indicator readings, analyst judgments, and price forecasts. Similar readings in the past were followed by gains, but that does not mean this time will repeat; changes in supply also do not equal buying or selling behavior.

Risks and unknowns

The evidence is a report paraphrase; no independently verifiable original indicator data was provided, and the relevant readings have not been independently confirmed.
Based solely on changes in long-term holder supply, it is impossible to confirm the actual amount bought or sold.
Historical price comparisons do not constitute a forecast; the subsequent price direction and whether the indicator can return to profit territory remain unknown.

Analyst: Bitcoin long-term holder SOPR falls to 0.94, in loss territory for 8 consecutive days

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