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Bitcoin (BTC) has seen a “complete reset” of sell pressure after dropping below $90,000, says new research. Key points: Bitcoin long-term holders have reset their selling habits as BTC price action returns below $90,000. A derivative of the popular SOPR metric is now tapping its lowest levels since early 2024. Recent price moves have resulted in some classic knee-jerk trading decisions by short-term holders. Bitcoin SOPR “Ratio” hits key 1.35 level In one of its “Quicktake” blog posts Saturday, onchain analytics platform CryptoQuant eyed two-year lows in a key Bitcoin hodl metric. Bitcoin long-term holders (STHs) have effectively abandoned their BTC sales after BTC/USD fell to its lowest levels since April. CryptoQuant reveals a major shift in the profitability of unspent transaction outputs (UTXOs) created by the LTH cohort versus their speculative counterparts, short-term holders (STHs). The labels “LTH” and “STH” refer to wallets hodling a given amount of BTC for more than or less than 155 days, respectively.  Using an iteration of the Spent Output Profit Ratio (SOPR) metric, which measures the proportion of UTXOs in profit and loss, CryptoQuant confirms that it is now STHs responsible for the majority of in-profit transactions. “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,” contributor CryptoOnchain summarized. Bitcoin LTH-SOPR/STH-SOPR (14-period simple moving average). Source: CryptoQuant CryptoOnchain drew two key conclusions from the SOPR data: the “end of heavy distribution” by LTHs and a “market cool-down” taking effect instead. “The drop suggests a massive ‘reset’ in the market,” the post continued.  “The speculative froth that drove the ratio to highs earlier in the cycle has been flushed out.” Speculators confused by BTC price moves Bitcoin speculators have reacted erratically to…

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Filed under: News - @ December 6, 2025 6:16 pm