根據 CryptoQuant 數據顯示，BTC 價格局勢持續惡化，目前的交易價格仍比先前創下的歷史高點 12.6 萬低了超過 45%，這段漫長的修正期正對廣大投資者施加壓力，甚至連長期持有者（LTH）也開始感受到這種不利市場動態的影響。
用於衡量 UTXO 支出時所實現利潤與虧損的「長期持有者支出利潤率」（LTH SOPR）指標，近期已跌入負值區間，儘管年度平均 LTH SOPR 仍維持在 1.87 的高位，但該指標已跌破 1 的關鍵門檻，降至 0.88，這是自 2023 年熊市結束以來未曾見過的現象。
平均而言，這意味著長期持有者目前的賣出行為是以虧損出場，反映出這群歷來韌性極強的投資者群體中，財務壓力正逐漸累積。與此同時，儘管實現虧損的比例不斷增加，長期持有者在最近幾週向幣安的入金量卻有所增加。
圖表顯示，每日入金量達到年度平均水準約兩倍的時期，標誌著異常高的流動量以及行為上的明顯轉變。這些活動激增表明，一部分長期持有者正積極調整倉位，以應對當前的市場狀況。
這種模式自上一個歷史高點以來便已顯現，並在最近幾週有所加速。連續數日記錄到遠高於正常水平的入金量，顯示該平台上長期持有者活動的持續增長。鑑於這類投資者有能力轉移大量的比特幣，他們通常青睞幣安較佳的市場深度和流動性，這並不令人意外。
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