⚠️ The STH SOPR, shown here as a monthly average to highlight the underlying trend, is once again about test the break-even level (SOPR = 1) — 💡SOPR (Spent Output Profit Ratio) is an indicator that measures the profit or loss ratio realized when a UTXO is spent. — This means that following BTC’s recent price recovery, now up +26% since its February 6 low, STHs are facing an important decision as STH SOPR reached 0.998 : ➡️ Exit the market at break-even after months of pain ➡️ Continue holding in hopes of realizing profits If SOPR manages to sustainably move back above 1, it would indicate that STHs are once again realizing profits, which is generally positive for the market as long as values do not become excessive. The last time we saw an improvement in SOPR, the move was abruptly stopped just as SOPR was barely moving above 0.995. When compared with the previous bear market, a similar setup occurred four times before the trend definitively reversed and a new sustainable bullish phase began. 👉 In the current environment, it is important to closely monitor STH behavior in order to anticipate the next market move.