According to glassnode research, despite the recent sharp drop in Bitcoin and its high volatility, the LTH-SOPR indicator is still close to 1, indicating that long-term holders have not lost confidence. SOPR refers to the Spent Output Profit Ratio (Spent Output Profit Ratio, divided by the output creation value). When SOPR 1, it means that the owner of the spending output is profitable when trading; otherwise, they will Will lose money. The evaluation time range of the LTH-SOPR indicator is only considered for more than 155 days, which can be used as an indicator to evaluate long-term investor behavior. In addition, compared with long-term holders, short-term holders' SOPR (within 155 days) is more likely to fall below 1.