according to CryptoOnchain data, the Bitcoin SOPR ratio has dropped to 1.35, reaching its lowest level since the beginning of 2024. As BTC retraces to $89,700, this indicator shows that market profits have undergone a "thorough reset."

The large-scale profit-taking phase by long-term holders is weakening, indicating a decline in selling momentum. Historically, when the SOPR falls to similarly low levels, it usually means a local bottom is forming and market enthusiasm is cooling down. If a reversal starts from the current position, it may lay the foundation for the next healthy upward trend.