[Bitcoin Profitability Metric Drops to Two-Year Low, SOPR Ratio Falls to 1.35] On-chain analytics platform CryptoQuant pointed out that the Bitcoin SOPR ratio (LTH-SOPR / STH-SOPR) has dropped to 1.35, marking its lowest level since early 2024. This change coincides with Bitcoin's price retracing to the $89,700 level. A higher ratio typically indicates that long-term holders (LTH) are profiting more actively than short-term holders (STH). However, the current sharp drop in the ratio to 1.35 suggests a significant reduction in the large-scale distribution phase of older coins, narrowing the actual profit gap between seasoned holders and new entrants. Historical data shows that when the SOPR ratio falls to similar levels during a bull market cycle, it often signals that the sell-off is nearing its end.