This wave of Bitcoin long-term holder SOPR indicator has dropped to the low point of this bull market. Bitcoin Long-Term Holder SOPR, short for Long-Term Holder Spent Output Profit Ratio, is an on-chain Bitcoin metric that calculates the profit ratio of addresses holding Bitcoin for more than 155 days (defined as long-term holders) when they sell. Specifically, this indicator evaluates the ratio between the selling price of these long-held coins and their original acquisition price: if LTH-SOPR is greater than 1, it means long-term holders are selling at a profit; equal to 1 indicates breakeven; less than 1 means selling at a loss. This indicator reflects the market behavior of long-term holders and overall market sentiment. For example, when LTH-SOPR is high, it may indicate that long-term holders are locking in profits, suggesting the market might be at the peak of a bull run or in an overheated phase. Conversely, when it is low (especially below 1), it shows long-term holders are selling at a loss, potentially signaling a market bottom or the end of a bear market, helping investors identify potential buying or selling opportunities.