The Bitcoin Bull Market SOPR Loss Pressure chart measures how much loss-taking is occurring in each Bitcoin bull market cycle using SOPR, the Spent Output Profit Ratio. SOPR compares the value of coins at the moment they move on-chain against the value they last moved at, so a reading below one means holders are, on aggregate, spending coins at a loss. This chart derives loss pressure from SOPR and segments it across successive bull market periods, with toggleable views that separate Short-Term Holders (STH) from Long-Term Holders (LTH).
Read the chart as a map of when holders are selling into losses rather than profits. Sustained periods where SOPR-based loss pressure rises indicate that spent coins are increasingly underwater, and pronounced spikes highlight capitulation events where a large share of the network is realizing losses at once. Switching between the STH and LTH views isolates which cohort is under stress: short-term holders typically drive loss pressure during volatile shakeouts, while long-term holders capitulating is a rarer, more significant signal.
Use loss pressure across cycles to gauge where sentiment sits within a Bitcoin bull market. Elevated loss pressure marks periods of pain and potential capitulation, which historically cluster near local bottoms, while quiet loss pressure reflects a market spending predominantly in profit.
Check the selected asset, units, and cohort before comparing readings. Compare the metric over consistent dates and use related measures to understand what contributes to a change.
