CryptoQuant analyst Darkfost said Bitcoin short-term holders’ spent output profit ratio (SOPR) had fallen to 0.98, indicating that the UTXOs they spent were, on average, realizing losses. According to the analyst, the measure has remained below 1 since October 30. Its monthly average, previously 1.013, had just returned to the neutral level of 1, suggesting that the group’s average realized profit had largely disappeared.
Darkfost interpreted the recent data as a sign that the market was moving toward capitulation and panic selling. The analyst noted that, during longer bull-market periods, a SOPR reading below 1 has sometimes presented buying opportunities. But the monthly average had not yet reached what the analyst considered an extreme level of panic, leaving open the possibility that the capitulation trend could continue for several days. The reading describes realized gains and losses; it does not, by itself, establish a valuation or a market bottom.
Originally reported by BlockBeats on November 11, 2026, at 19:55 (UTC+8).