On Nov. 15, Bitcoin (BTC) short-term holders’ STH-SOPR was 0.993, below breakeven; historical stress periods recorded lower values, a level consistent with losses on coins spent by the cohort.
A value below 1 means spending among this group was loss-making. The reported level did not point to large-scale capitulation, and the losses were not described as extreme.
An earlier EconoTimes report on loss-positioned exchange transfers found the cohort’s seven-day SOPR near 0.99 on Nov. 9 as fewer coins were sent to exchanges at a loss. The group sent 32,695 BTC to exchanges in a loss position on Nov. 6; by Nov. 9, that amount was about 9,900 BTC, a 69.7% decline.
Exchange transfers show coins arriving at trading platforms, not whether owners completed sales. STH-SOPR concerns the profit or loss associated with coins spent, so the two measures track different activity.
