Hello people.  SOPR measures whether Bitcoin investors are selling at a profit or a loss. A sustained dip below 1, a neutral zone, signals that a significant portion of the market is liquidating positions at a loss.

Over the past two weeks, daily realized losses averaged $818 million, with Feb. 28 and March 4 recording the largest single-day losses of this cycle. The only larger single-day realized loss occurred on August 5, 2024, amid the yen-carry-trade unwind, which saw $1.34 billion in realized losses.

Short-Term Holder (STH) SOPR, which tracks newer market entrants, recorded its second-largest negative print of this cycle at 0.95, signaling that recent buyers are locking in substantial losses. 

Deep negative prints in STH SOPR have historically marked capitulation events, where panic-selling exhausts weaker hands and creates accumulation opportunities for stronger investors.

Moreover, an SOPR decline below 1 indicates loss-driven selling, mirroring major corrections in past cycles.