From the on-chain data, the pullback of $BTC may be reaching its bottom, and the Bitcoin ratio of #SOPR (cost-to-output ratio) has dropped to 1.35! This is the lowest level since the beginning of 2024.

As $BTC pulls back to $89,700, this indicator shows that the market's profits have undergone a complete reset. Therefore, the large-scale profit-taking phase for long-term holders is weakening. This indicates that those who want to sell have nearly sold out, and selling momentum is waning.

Historically, when #SOPR falls to a low level similar to 1.35, it usually indicates that a local bottom is forming, and market enthusiasm is cooling off. If $BTC can reverse from its current position, it will lay a solid foundation for the next round of healthy upward movement.

BTCUSDT

Perp

90,379.9

-2.32%