CryptoQuant: The price of Bitcoin has fallen below the average purchase price of short-term holders

CryptoQuant analyst @AxelAdlerJr posted that the Bitcoin price has fallen below the average purchase price of short-term holders (i.e., the STH-SOPR (30D) shown in the chart has dropped to 0.98). Two on-chain indicators show that the selling pressure from new market participants is increasing.

The SOPR 30D indicator measures the average token sales of short-term holders: a value above 1 indicates profitable sales, while a value below 1 indicates sales at a loss. The chart shows that the 30-day SOPR moving average has fallen to the 0.98 range, which means that short-term holders are, on average, selling tokens at a loss. A further decline in this indicator will intensify selling pressure and lead to new local lows.

Currently, the market exhibits a strong risk-averse sentiment for short-term holdings. Key reversal confirmation signals: the price rises above the actual price of STH, and the SOPR rises above 1.