On Feb. 25, Bitcoin’s price tumbled to a three-month low, falling below $90,000 as short-term holders offloaded their holdings amid bearish market sentiment.
CryptoQuant’s data indicates that the Short-Term Holder Spent Output Profit Ratio (SOPR) fell below 1, signaling that these investors were selling at a loss. A SOPR reading below 1 suggests that short-term holders are exiting the market at lower prices than their initial investments.
During this period, these investors moved approximately 80,000 BTC to exchanges at a loss, translating to over $7 billion in value. The surge in sell orders added pressure to Bitcoin’s price, exacerbating the market downturn.
On-chain data shows that roughly $1.7 billion of this amount were realized losses, marking the most significant investor capitulation since August 2024.
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