Profit-realization gap between holder cohorts — Profit-realization gap between old and young coins — high = experienced holders distributing into fresh demand (cycle tops)
LTH / STH SOPR Ratio uses Bitcoin's UTXO cost-basis data: Profit-realization gap between holder cohorts. It connects the current market with the prices at which coins were last moved.
High ratio = long-term holders realize far larger profits than short-term ones — classic late-cycle distribution. Compression back toward 1 = equilibrium.
Cost-basis metrics describe on-chain movements, not every off-chain trade. They are best read as a market-structure view, not a guaranteed buy or sell signal.