BlockBeats reported on November 11, 2026, that CryptoQuant analyst Darkfost said losses among Bitcoin short-term holders (STH) were beginning to appear in the Spent Output Profit Ratio (SOPR).
Indicator reading
SOPR measures realized profit or loss when UTXOs are spent. Darkfost said the STH SOPR had fallen to 0.98. The reading had stayed in loss territory since October 30, which the analyst linked to short-term holders starting to feel pressure from the price decline.
Monthly average
The same cohort’s monthly average SOPR had earlier reached 1.013. By the time of the report, that monthly average had just returned to the neutral level of 1. Darkfost interpreted this as average profits having largely evaporated.
Analyst’s conditional view
Using data from the preceding days, Darkfost said the market was tending toward capitulation and panic selling. The analyst added that, in a longer-cycle bull market, SOPR moving into loss territory has often coincided with buying opportunities. Darkfost also said the monthly average had not yet shown an extreme degree of panic, so the capitulation trend might continue for several more days until a more extreme level was reached.
These points are Darkfost’s indicator readings and interpretation, as reported by BlockBeats on November 11, 2026, not a confirmed market outcome.
Original report — BlockBeats, November 11, 2026.
