CryptoQuant: Long-term Bitcoin holders are starting to capitulate, indicating that the market has reached the bottom area

CryptoQuant analyst Crypto Dan stated that the btc-42">Bitcoin long-term holder SOPR (Spent Output Profit Ratio) has fallen below 1, indicating that even long-term investors are selling at a loss.

Since long-term holders are the group least sensitive to short-term fluctuations, when they start realizing losses, it can be interpreted as a broader capitulation occurring in the entire market. At this point, short-term holders are likely to have already exited the market or have suffered significant losses.

In other words, most participants in the market are in a state of loss. Historically, this situation often leads to a gradual exhaustion of selling pressure, forming a market bottom or an area close to a long-term low. While it may still be too early to determine that the current market is the absolute bottom, when losses become widespread, it often represents the final stage of fear sentiment and the beginning of opportunity.