According to CryptoQuant data, the BTC price trend continues to worsen, with the current trading price still over 45% below the previous all-time high of 126,000. This prolonged correction period is putting pressure on a wide range of investors, and even long-term holders (LTH) are beginning to feel the impact of this unfavorable market dynamic.
The “Long-Term Holder Spent Profit Ratio” (LTH SOPR), which measures realized profits and losses on UTXO expenditures, has recently fallen into negative territory. Although the annual average LTH SOPR remains high at 1.87, this indicator has dropped below the critical threshold of 1, falling to 0.88, a phenomenon not seen since the end of the 2023 bear market.
On average, this means that long-term holders are currently selling at a loss, reflecting increasing financial pressure within this historically resilient investor group. Meanwhile, despite the rising proportion of realized losses, long-term holders have increased their inflows to Binance in recent weeks.
The chart shows that when daily inflows reach about twice the annual average level, it signals abnormally high liquidity and a clear behavioral shift. This surge in activity indicates that some long-term holders are actively adjusting their positions to cope with the current market conditions.
This pattern has been evident since the last all-time high and has accelerated in recent weeks. Several consecutive days of inflows far above normal levels demonstrate a continued increase in long-term holder activity on the platform. Given that these investors have the capacity to transfer large amounts of Bitcoin, and they tend to favor Binance for its better market depth and liquidity, this is not surprising.
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