#比特币链上数据分析 This message makes me think back to the 2017 bull market. At that time, Bitcoin's SOPR also experienced a similar dip, but it triggered a remarkable rally. Now seeing SOPR drop to 1.35, hitting a new low for the year, is definitely worth paying attention to.

The market is consolidating around $89,700, and the peak of profit-taking by long-term holders seems to have passed. This situation usually indicates weakening selling pressure and could pave the way for a new upward move. However, we should also be cautious, as history doesn't always repeat itself simply.

Looking back at previous cycles, the SOPR indicator often shows extreme market pessimism when forming bottoms. But the current atmosphere doesn't seem to have reached that level. This might mean we are in a different phase, requiring a more cautious interpretation of these data.

In any case, the changes in this indicator do provide us with valuable insights. It reminds us to closely monitor market trends, while also remembering that in this rapidly evolving industry, past experiences may not fully apply to the future. Maintaining an open and learning attitude might be the best way to navigate the ever-changing crypto market.