While the crowd fixates on $BTC’s recent pullback, I’m digging deeper beneath the surface.

I’ve been analyzing multiple on-chain indicators to gauge whether we’re truly in bearish territory, and one key metric stood out: STH-SOPR (Short-Term Holders' Spent Output Profit Ratio).

Despite the price decline, STH-SOPR hovering around 1 tells a different story. It indicates a neutral market, not driven by panic or aggressive profit-taking. In short, holders aren't capitulating.

This signals a potential support formation zone for $BTC , laying the groundwork for a possible trend reversal or continuation to the upside.

📊 Stay ahead. Follow the data, not the drama.