Viewpoint: Bitcoin selling pressure is nearing its end, and a short-term bottom is currently forming.

On December 7, CryptoOnchain published an analysis stating that Bitcoin’s SOPR ratio (LTH-SOPR / STH-SOPR) has dropped to 1.35, the lowest level since 2024, while the price of Bitcoin has pulled back to around $89,700.

1. End of Large-Scale Selling Pressure When the SOPR ratio is high, it means that long-term holders (LTH) are realizing profits more aggressively than short-term holders (STH). Now that the ratio has dropped to 1.35, it indicates that the large-scale distribution phase of old coins has clearly subsided, and the profit gap between veteran players and new capital is narrowing.

2. Significant Cooling of Market Sentiment The SOPR ratio is often used as an oscillator for market sentiment. This decline means the market has gone through a complete “reset,” and the speculative bubble from the early-cycle has been cleared. Historical data shows that in a macro bull market, when the SOPR ratio drops to these low levels, it often signals that selling pressure is nearing its end. If this indicator stabilizes around 1.35 or starts rising again, it could suggest that a local bottom is forming, providing a healthier foundation for the next round of upward movement.