After BTC fell below 90,000, what signal did this on-chain indicator reveal?

Question

[Crypto World] Recently, Bitcoin dropped to $89,700, causing panic among many people. But on-chain data might be telling a different story.

There’s a key metric worth noting—the BTC SOPR ratio (Long-term holder profit multiple/Short-term holder profit multiple) has dropped to 1.35. This is the lowest point since early 2024.

What does this number mean? Simply put, when this ratio is high, it indicates that old holders are cashing out aggressively, far surpassing the profit levels of new retail investors. Now that it has dropped to 1.35, it proves that the wave of “old coin sell-offs” is basically over. The profit gap between veteran players and newcomers is narrowing.

The market is undergoing a thorough “cleansing.” The speculative bubble that previously pushed this ratio higher has now been mostly squeezed out.

Looking back at historical records, you’ll notice a pattern: in major cycles, every time the SOPR ratio drops to this low range, it often signals that selling pressure is nearing its bottom. If the 1.35 level can hold, or even start to rebound, it likely means a local bottom is quietly forming.

Before the next rally, the market needs this kind of “reset moment.”

NewDAOdreamer · Accepted Answer

Hmm... The old coins have finally been almost all dumped. This round of shakeout is probably nearing the bottom.

GateUser-bd883c58 · Answer

All the old coins have run away, is it time for new retail investors to step up?

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SOPR has dropped to 1.35, feels like this round will either rebound or keep dumping.

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To put it bluntly, retail investors are still buying the dip, while whales have already cashed out.

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Will the price really go up after the washout, or is it just another trap?

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Has this indicator ever actually worked before? Always feels like hindsight bias.

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The old players have cashed out, now let's see who dares to buy the dip.

LightningHarvester · Answer

1.35 at this level... Have the veterans' sell-off waves really passed? Feels like bottom signals are slowly accumulating.

2. It's that same old "shakeout theory" again. Why do I feel like this round isn't over yet?

3. Sopr dropped here—did it rebound every time in history? I seem to recall there were crashes too.

4. After the old coin kings cash out, new retail investors still get slowly squeezed. This game just keeps cycling.

5. I don't trust these indicators. I just want to know how far we can rebound next month.

6. The moment 89,700 broke, my heart sank. Looking at this data now, there's still a bit of hope.

7. Shakeout, shakeout... I've heard it so much my ears have calluses. Is it even real?

8. The profit gap between veterans and newbies is narrowing? Then what am I, who got in midway—a total loser.

9. Is this indicator actually useful? Has anyone really bottom-fished successfully with it?

10. Everyone who understands this ratio thing is making money. Does that mean I don't get it? Haha.

PebbleHander · Answer

All the old coins have finished running, now it's our turn, right?

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SOPR dropped to 1.35? That means this round of shakeout is almost over, and the bottom signal is becoming more and more obvious.

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Wait, does this mean the institutions are about to pull out too...

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Only when the cleaning is thorough is it the real bottom, let it keep dropping.

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All the long-term holders have sold, what’s next?

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Is this data really reliable? Feels like they analyze it this way every time.

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Got it, the old retail investors have left, new opportunities are here.

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Interesting, 1.35 is indeed a key level.

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Still dropping? Then keep buying, since it's all been cleaned out.

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I just want to know where the next bottom is...

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On-chain data tells stories, I only trust the price chart.

AirdropHunter007 · Answer

All the old coins have left, is it our turn now?

SOPR dropped to 1.35, does that mean a buying opportunity is here...

But sometimes this kind of data can be misleading, better to wait and see

Will there be a rebound after the washout? Hoping for some good news

Historical patterns can sometimes be nothing but a paper tiger

NotAFinancialAdvice · Answer

This wave of liquidation looks real; the old retail investors have finally stopped selling at a loss.

SOPR dropping to 1.35? That means the bubble has really been squeezed out, the bottom shouldn't be far off.

89,700 sounds pretty scary, but the on-chain data tells a different story.

The old coins aren't being sold anymore; that's actually a signal.

History always repeats itself—every time at this level there's a rebound, but the question is: do you dare to buy the dip?

The days of those old players frantically cashing out are over.

The market is self-cleansing; this is getting interesting.

RooftopVIP · Answer

1.35 doesn’t look that scary, the old retail investors have finally quieted down.

2. Is the selling pressure almost gone? Does that mean a bottom signal is coming?

3. Let them shake out, I don’t have much left to lose anyway, haha.

4. Wait, does this mean it’s going to rebound or keep dropping? I’m a bit confused.

5. SOPR dropped to this level… has it always reversed at this point in the past?

6. The old players have sold, and most of the newbies are almost wiped out, so who’s going to dump next?

7. 89700 isn’t the bottom, is it? Feels like it’s going to drop more.

8. Narrowing gap = everyone’s losing money? That cracks me up.

9. Once the bubble is squeezed out, it should rise; hurry up and make some moves.

10. The on-chain data sounds nice, but the actual order book is still a sea of red.