Bitcoin Falls Below Short-Term Holder Cost Basis as 30-Day SOPR Drops to 0.98

Bitcoin has dropped below the average purchase price of short-term holders, with the STH-SOPR (30D) metric falling to 0.98 on Dec. 18, CryptoQuant analyst @AxelAdlerJr said. Two on-chain indicators point to rising selling pressure from new market participants, as the 30-day SOPR moving average now shows short-term holders are realizing losses on average when selling. A further decline in this indicator would intensify selling pressure and could bring new local lows, reflecting strong risk-off sentiment among short-term positions. A key reversal signal would be a price recovery above the STH realized price together with SOPR moving back above 1, the analyst said.