Key facts
- Long-term Bitcoin holders realized $2.4 billion in losses over 48 hours ending June 5, 2026.
- The spot price breached the Short-Term Holder Realized Price (STH-RP), a key support level.
- The Long-Term Holder Spent Output Profit Ratio (LTH-SOPR) fell below 1.0, indicating sales at a loss.
- Approximately 26% of recent Bitcoin sales came from holders who bought above $90,000.
- The market has seen a 30-35% decline from peak levels.
- The MVRV Z-Score is near -1.5 standard deviations, around the $62,000–$65,000 support zone.
The cryptocurrency market is experiencing a significant downturn, described as a 'fire sale,' with long-term Bitcoin holders realizing approximately $2.4 billion in aggregate losses over a 48-hour period ending June 5, 2026. This occurred as the spot price breached the Short-Term Holder Realized Price (STH-RP), a critical support level in bull markets. The Long-Term Holder Spent Output Profit Ratio (LTH-SOPR) falling below 1.0 indicates that coins held for over 155 days are being sold at a loss, a rare event historically preceding major market lows. Data suggests about 26% of recent Bitcoin sales came from holders who purchased above $90,000. The market sentiment is extremely negative, with the Fear and Greed Index at 12/100, comparable to the COVID-19 crash and the FTX collapse. Bitcoin's price has fallen from recent highs near $69,000 to $62,000, and the STH-RP metric indicates short-term holders are capitulating. Secondary on-chain metrics, such as the MVRV Z-Score, are near levels that have previously marked accumulation areas, but do not yet confirm an exhaustion of selling pressure. Confirmation of a sustainable bottom would require decreased long-term holder outflows, sustained closure above the STH-RP, and stabilization in the supply-in-loss percentage.