While everyone's glued to $BTC’s price slide and other digital assets dropping, I’m scanning the on-chain metrics to see if “bear hands” are driving the sell-off. One key signal stood out: STH‑SOPR (Short‑Term Holder Spent Output Profit Ratio)—it reflects the profitability of coins moved within ~155 days.

🌑 With Bitcoin prices falling, STH‑SOPR hovering around 1 implies average transactions are sell‑at‑break‑even—not panic sales or profit-taking. In other words, short-term holders aren’t liquidating for loss or gain—they’re sitting tight at cost .

That neutrality can be bullish in disguise: it suggests selling pressure is limited and price is stabilizing. From here, a support base could be forming—setting the stage for an eventual upswing.