CryptoQuant analyst: Bitcoin price has fallen below the average purchase price of short-term holders.

According to Odaily, CryptoQuant analyst Axel Adler Jr. stated that Bitcoin's price has fallen below the average purchase price of short-term holders (i.e., the STH-SOPR (30D) shown in the chart has dropped to 0.98). Two on-chain indicators suggest that selling pressure from new market participants is increasing.

The SOPR 30D indicator measures the average token sale by short-term holders: a value above 1 indicates a profitable sale, while a value below 1 indicates a loss-making sale. The chart shows that the 30-day SOPR moving average has fallen to the 0.98 area, meaning that short-term holders are, on average, selling tokens at a loss. Further declines in this indicator will exacerbate selling pressure and lead to new local lows.

The current market exhibits strong risk aversion towards short-term positions. Key reversal confirmation signals: price rises above the STH actual price, and SOPR rises above 1.