Bitcoin profitability indicator has fallen to a two-year low, which may indicate that a local bottom is forming.

On-chain analytics platform cryptoquant_com stated that the SOPR ratio of $BTC (LTH-SOPR / STH-SOPR) has dropped to 1.35, marking the lowest level since early 2024. This decline coincides with Bitcoin's price retreating to the level of $89,700.

A higher ratio typically indicates that long-term holders (LTH) are actively taking profits compared to short-term holders (STH). The drastic drop to 1.35 suggests that the large-scale distribution phase of older coins has significantly receded. The actual profit gap between seasoned investors and new entrants is narrowing. This decline indicates that the market is undergoing a large-scale "reset." The speculative bubble that previously drove the ratio to spike has been cleared.

Historically, when the SOPR ratio reverts to these lower limits during an overall bull market cycle, it usually signals that selling is about to exhaust. If the ratio stabilizes or rebounds from the level of 1.35, it may indicate that a local bottom is forming, laying a more solid foundation for the next round of increases. 关注我，能暴富哦！