Analysis: Bitcoin profitability ratio falls to a two-year low, market may be entering a "sell-off exhaustion" phase.

According to Odaily Planet Daily, on-chain analytics platform CryptoQuant points out that the Bitcoin SOPR ratio (LTH-SOPR / STH-SOPR) has fallen back to 1.35, the lowest level since early 2024, coinciding with the price pullback to $89,700. Typically, a high ratio indicates that long-term holders (LTH) are actively profiting compared to short-term holders (STH); however, this significant drop shows that selling pressure from older coins has clearly weakened, and the actual profit gap between the two groups is narrowing, indicating the market is entering a new round of "reset."

CryptoQuant states that historically, when this indicator falls to similar levels during a bull market, it often signifies that the sell-off is nearing its end. If the ratio stabilizes or rebounds around 1.35, it may indicate that a local bottom is gradually forming, laying a healthier foundation for subsequent market movements.