[Analyst: Long-term holders are still in a state of loss] According to a report by Jinse Finance, on July 20, CryptoQuant analyst Darkfost published an article stating that long-term holders (LTH) are currently still in a state of loss. Based on the SOPR indicator, their realized losses currently exceed their profits. SOPR (Spent Output Profit Ratio) is used to measure the profit or loss ratio realized when UTXOs are spent. This chart only accounts for the UTXOs of 'long-term holders (LTH).' At the beginning of July, the 7-day moving average of LTH's SOPR dropped to a cycle low of 0.73, indicating that long-term holders were selling Bitcoin at an average loss of 27% at that time. Currently, the indicator has rebounded to 0.94 but remains below 1, suggesting that long-term holders are still selling at an overall loss. Meanwhile, its 30-day moving average has stayed at 0.88 since June 1, consistently remaining in the loss zone. Looking back at previous bear markets, it can be observed that concentrated loss realization by long-term holders tends to occur and often happens when the bear market has entered a deeper phase.