📊👀 #BTC glassnode: The recent drop to $60k has exerted substantial psychological pressure on long-term holders, similar to the LUNA crash in May 2022. In both cases, the 7-day EMA of long-term SOPR holders dipped below 1 after being above it for 1-2 years. Essentially, long-term investors experienced significant losses, indicating a rare shift in sentiment typically seen during the later phases of a bear market.

Following the sharp decline in November 2025, the market managed to absorb strong selling pressure, echoing the responses to the collapses of LUNA and FTX. Although the recent decline to $60k did trigger some accumulation, it was notably weaker compared to the rebound seen in November 2025 or the reflexive demand observed earlier.