A top crypto analytics firm says Bitcoin (BTC) investors are not out of the woods as long-term holders capitulate.

As Glassnode explains, the Long-Term Holder Spent Output Profit Ratio (LTH-SOPR) measures the profit ratio captured by wallet addresses holding Bitcoin for longer than 155-day periods.

“When LTH-SOPR is less than one, these players realize losses or spend coins at a price below their cost basis.

LTH-SOPR is currently trading at 0.67, indicating the average LTH spending their coins is locking in a 33% loss.”

Bitcoin is trading for $19,396 at time of writing. The top-ranked crypto asset by market cap is down by more than 4% in the past 24 hours.

Long-Term Holder Cost Basis measures the average price long-term addresses paid for their Bitcoin, according to the analytics firm.

“With the current value of LTH-SOPR at 0.67 and the LTH-Cost Basis at $22,300, it means LTHs are realizing an average of -33% losses on each spent coin, despite spot prices only being ~6% below their cost basis. This signifies that LTHs who acquired coins at much higher are the primary spenders at the moment, and those who still hold coins from the 2017-20 cycle (or earlier) are largely sitting tight.”

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