Long Term Holder SOPR

LTH-SOPR is SOPR restricted to spent outputs older than 155 days — Glassnode's LTH/STH boundary derived from UTXO spend-probability analysis. Because this cohort's cost basis is very low, LTH-SOPR normally runs well above 1: veterans are almost always in profit when they sell; the question is the multiple.

Spikes into the historical upper zone mean veterans are cashing out at multiples en masse — the classic late-bull distribution signature; every major top region has featured extreme LTH-SOPR readings. Drops below 1 mean even holders of 155+ days are selling at a loss — this appears only in deep-bear capitulation (2015, late 2018, H2 2022) and has marked cycle-bottom territory in hindsight, since even the most patient hands were flushed.

LTH-SOPR only prints when old coins actually move; in deep bears old supply goes quiet, making the signal sparse and laggy. A violent single-day move may just be one ancient wallet or a custody migration — cross-check against CDD to see if it's the same event. It answers "how much did veterans make when they sold"; pair it with LTH-MVRV (how much they could make) — one shows action, the other motive.

Beyond cycle positioning, gauge short-term sentiment with market-wide liquidations and BTC liquidation data.