The 7D-EMA of STH-SOPR has traded below 1 since October 2025, currently sitting at 0.985, confirming recent buyers lack meaningful unrealized profit to defend positions with. This is a textbook bear market characteristic requiring extended base-building before conditions normalize. Tactically, spikes toward 1 during relief rallies tend to mark local exhaustion points, as recent buyers exit near breakeven rather than hold for further upside. #crypto