From Monday's BI Report (#27): Mind the Gap SOPR as a Gauge of Capitulation Assuming history preserves its rhythm and further contraction is possible, one key tool to track top-buyer capitulation is the Spent Output Profit Ratio (SOPR). This ratio compares the spot price to the cost basis of top buyers who are actively selling. Currently, the 7-day moving average of <2-month holders’ SOPR is at 0.99, above the historical capitulation zone of <0.98. This suggests that, while pressure has mounted, the typical extreme bear condition—where top buyers accelerate loss-realization—has not yet occurred. In other words, the market has weakened, but capitulation remains incomplete... Read our weekly reports by joining the Bitcoin Intelligence family using the link in my bio (free trials available).(Sina 🗝️⚡ 21st Capital)