On November 11, 2026, TechFlow reported that CryptoQuant analyst Darkfost put Bitcoin short-term holders’ spent output profit ratio (SOPR) at 0.98. The metric had remained below 1 since October 30, indicating that this group was realizing losses when spending bitcoin.
SOPR compares the value realized when a UTXO is spent with its cost basis. For short-term holders, the monthly average had previously reached 1.013 but had fallen back to 1, the neutral level. On that monthly measure, the group’s average profit had been erased.
Darkfost interpreted the recent readings as a sign that the market was tending toward a capitulation phase. He said negative SOPR has often coincided with buying opportunities during longer bull markets, but the monthly average had not yet reflected such an extreme. In his view, capitulation could continue for several more days. That is an interpretation of holder behavior, not a valuation estimate for Bitcoin.
Source: TechFlow, published November 11, 2026, at 19:47 (UTC+8).