As reported by Foresight News on November 11, 2026, at 19:41:41 UTC+08:00, CryptoQuant analyst Darkfost said Bitcoin short-term holders were beginning to realize losses. Their spent output profit ratio (SOPR), a measure of whether coins sold on-chain were sold at a profit or loss, stood at 0.98. A reading below 1 indicates that the group was selling at a loss overall; Darkfost said it had remained below 1 since October 30.
The measure’s 30-day average had fallen from a high of 1.013 to 1, indicating that the group’s average realized profit had disappeared. Darkfost said recent data suggested the market was moving toward capitulation, but noted that the 30-day average had not yet fallen below 1. In his view, capitulation could continue for several more days before reaching an extreme.
Darkfost also observed that, in longer bull markets, periods when short-term holder SOPR falls below 1 have often presented buying opportunities. That historical observation is not a valuation estimate: SOPR describes realized selling outcomes, not Bitcoin’s fair value or a prospective return.
Original report — Foresight News, November 11, 2026, 19:41:41 UTC+08:00