Bitcoin is still seeing selling. But not from a position of strength. aSOPR has spent 22 of the last 30 days below 1.0 and is back under break-even at 0.995. This is not a market distributing from a wide profit cushion. That cushion is already gone.

LTH-SOPR/STH-SOPR says the same. Over the last 30 days, the ratio averaged 0.99, with 24 of those days below 1.0. Long-term holders are not realizing profit at a clear premium to short-term participants. Selling is there. But it looks reactive.

There was a sharp spike in the ratio on Apr 5. It did not hold. In the next 7 sessions, the ratio moved back below 1.0 on 6 of them before rebounding to 1.27. What matters is what did not happen. The market did not move into clean long-term holder distribution.

That keeps Bitcoin in a compressed structure. Stress is still there. Profit is not. Selling is real. But it still does not look like broad, confident distribution from the strongest cohort 🧸 DYOR

Written by TeddyVision