The Anatomy of a Local Bottom

1- When the market enters a post-ATH contraction phase, short-term price action is often shaped by how top-buyers react to growing unrealized losses.

Right now, a dense cluster of supply, accumulated between $113k and $120k since early July, belongs to investors holding < 3 months.

CBD Heatmap: https://glassno.de/4g78UHT

2- To assess <3-month investor behavior, we use the SOPR by Age metric.

Currently, their SOPR is hovering around 0.96–1.01, signaling mild loss realization. If pressure builds, local bottoms often form when this group capitulates, typically when SOPR drops below ~0.9.

SOPR by Age: https://glassno.de/4p4cgiX