Bitcoin’s long-term holders are starting to show early signs of selling pressure, according to on-chain data.
A key metric called the Long-Term Holder SOPR recently slipped below 1.0. In simple terms, that means some long-term holders are now selling their Bitcoin at a loss. When this number drops below 1, it usually points to stress or early capitulation in the market.
This move appears to be coming from holders who bought Bitcoin within the last six to nine months and are now giving up at lower prices. That kind of behavior is more common during weaker market phases.
That said, the picture isn’t fully negative. The 30-day average of this same metric is still positive at around 1.18. While that’s well below last year’s higher levels, it suggests many long-term holders are still in profit and haven’t panicked yet.
At the same time, large Bitcoin holders are cutting back. Wallets holding between 1,000 and 10,000 BTC have been reducing their positions at the fastest pace seen since early 2023. This adds to the feeling that some big players are taking chips off the table.
On the technical side, signals are mixed. One analyst pointed out a bullish pattern on Bitcoin’s weekly chart, where price is making higher lows even as momentum indicators dip. In the past, this setup has sometimes led to trend continuation rather than a full breakdown.
Another metric, the Sell-Side Risk Ratio, has dropped to levels last seen in late 2023. This suggests selling is happening, but without strong conviction or panic.
Bitcoin itself has been moving sideways over the past week. Prices edged slightly higher recently, and short-term holders are getting closer to breaking even. That could support price if confidence improves.
Still, analysts warn that Bitcoin has faced repeated resistance at higher levels. Until it can break through convincingly, upside momentum may remain limited.
Overall, the data shows early cracks, but not a full breakdown. Long-term holders are under pressure, large wallets are trimming, yet broader signals suggest the market is still deciding its next move.
