Long-Term Holder SOPR dropping below 1 signals even the most conviction-driven investors are selling at a loss — a classic sign of broad market capitulation.

With both short and long-term holders underwater, selling pressure historically begins to exhaust itself near these conditions, often forming market bottoms or long-term lows.

While premature to call an absolute bottom, widespread loss realization typically marks the final stage of fear and the early beginning of opportunity.
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