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© 2026 The Markets Unplugged · Data in. Conviction out. - Published with Ghost & Aspect

Bitcoin At 92k: STH vs LTH Realised Price, SOPR, And Who Is In Control

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    Bitcoin on-chain analysis, market cycles, and holder behaviour at The Markets Unplugged. Creator of Alt Sector Radar and Bitcoin Barometer. Maps on-chain signals to cycle phases.
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  • December 8, 2025
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Bitcoin At 92k: STH vs LTH Realised Price, SOPR, And Who Is In Control
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Key Points

  • Long term holders still own the tape… LTH realised price is rising around 39k while spot chops in the low 90s.
  • Short term cohort is under water… STH realised price sits near 98k and STH momentum remains negative.
  • SOPR triangulation shows selective loss taking… headline near 1, STH a touch below 1, LTH above 1.5.
  • Confirmation is mechanical… reclaim STH realised price and hold while headline SOPR stays above 1.
  • Invalidation is also mechanical… STH RP above spot for days with fading SOPR and a flat LTH RP.

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Doc Doc
Bitcoin on-chain analysis, market cycles, and holder behaviour at The Markets Unplugged. Creator of Alt Sector Radar and Bitcoin Barometer. Maps on-chain signals to cycle phases.
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