Bitcoin Short-Term Holders Panic Again, And Analysts Say We’re At A Major Crossroads

Short-term holders are again realizing losses, and that pressure shows up in the data. STH SOPR dipped to about 0.94 while Bitcoin traded roughly at $85,550 to $85,680. That number means many recent buyers sold for less than what they paid. Markets often react to that kind of selling with sharp moves. Sometimes prices recover. Other times the slide continues.

History Shows Deep SOPR Troughs During Major Corrections

From past moves, the market has a pattern. Reports show major corrective periods had SOPR lows near 0.87 in early 2019 and around 0.88–0.90 during 2022–2023.

Since 2023, short-term holders have hit stress points on three separate occasions: August–September 2024 (STH SOPR around 0.98), April 2025 (0.94), and now November 2025 (0.94).

Based on reports, this latest dip mirro