Analyst: Bitcoin long-term holder SOPR drops to 0.94, transferring out at a loss for 8 consecutive days.

November 10 — CryptoQuant analyst Axel Adler Jr. released data stating that Bitcoin's Long-Term Holder Spent Output Profit Ratio (LTH-SOPR) has fallen to 0.94 and has been in loss territory for 8 consecutive days, meaning old coins transferred by long-term holders are settling at an average price below their holding cost. Similar readings occurred over the past year, but he noted that the speed of transition into loss realization this time is relatively pronounced, and said attention should be paid to whether the indicator can return above 1.

Meanwhile, long-term holder supply has dropped to 16.3 million BTC, a decrease of 171,700 BTC over the past month. The analyst explained that coins are automatically counted into long-term holder supply after being held for 155 days, so changes in this metric do not necessarily mean buying or selling has occurred. On 47% of trading days over the past year, this supply was at least at the current level.

The analyst said a similar LTH-SOPR reading occurred on August 22, 2026, when Bitcoin's price was $77,075, and one month later the price was 12.4% higher, emphasizing this is only a historical comparison and not a forecast. He believes both indicators point to a correction scenario, with the monthly decline in LTH-SOPR being one of the more notable rounds over the past year, and old coins still circulating at a loss; if the related transfers return to profit territory, the assessment would turn neutral.