The drop in the price of Bitcoin to $60,000 has put psychological pressure on long-term holders (LTH) comparable to the collapse of the Terra (LUNA) ecosystem in May 2022, according to analysts at Glassnode.
The recent drop to $60k imposed drastic psychological pressure on “diamond hands,” comparable to the May 2022 LUNA crash.
— glassnode (@glassnode) February 16, 2026
In both cases, the 7D EMA of Long-Term Holder SOPR fell below 1 after trading for 1-2 years above it.
Simply put, long-term holders realized significant… pic.twitter.com/xc6bXzwPYx
According to their data, the seven-day EMA of the SOPR indicator for this group of investors has dropped below 1. This indicates that they have started selling positions at significant losses, a rare behavioral change typically seen in the later stages of a bear market.
During the first sharp decline in November 2025, the market aggressively absorbed sell pressure, reminiscent of the reactions following the collapses of Terra and FTX. However, the current drop to $60,000, while accompanied by some accumulation, has shown notably weaker demand compared to the bounce or buying wave after the LUNA collapse.
During the first sharp leg down in NOV 2025, the market absorbed heavy sell pressure aggressively, similar to the post-LUNA & FTX crash responses.
— glassnode (@glassnode) February 16, 2026
The recent drop to $60k did see some accumulation, but it was notably weaker than the NOV 2025 bounce or the reflexive demand seen… https://t.co/xEurQqGJXj pic.twitter.com/BsyGWoKSpX
Analyst Darkfost echoed similar observations, confirming the thesis of a late-stage bear market.
🔴 Long Term Holders show early signs of stress.
— Darkfost (@Darkfost_Coc) February 17, 2026
According to the SOPR, long term holders are also starting to come under pressure as this correction continues, marking a notable shift in market dynamics.
–💡The SOPR (Spent Output Profit Ratio) is a simple measure of realized… pic.twitter.com/pGQdAjPLzW
He noted that the SOPR for long-term holders is currently at 0.88. Historically, the end of prolonged declines has been marked by a ratio of 0.5.
However, the expert emphasized that the trend has not fully established itself. The monthly average of the metric stands at 1.09.
“We have not yet entered the true capitulation phase for LTH. Rather, these are early signs of weakening sentiment that could either dissipate if the market stabilizes or intensify if selling pressure persists,” he explained.
Weak Demand
Darkfost also pointed out a net outflow of stablecoins from Binance, which has been observed for three consecutive months. He stated that this signals a continuing contraction of liquidity across the crypto market.
🔴Binance sees third straight month of negative Stablecoin netflows
— Darkfost (@Darkfost_Coc) February 16, 2026
This marks the third consecutive month in which stablecoin netflows on Binance have remained in negative territory, signaling a persistent contraction in the liquidity available across the crypto market.
💥The… pic.twitter.com/Y4ekAQIevw
In December, $1.8 billion was withdrawn from the platform, followed by $2.9 billion in January, and $3 billion since the beginning of February. The last time similar dynamics were observed was during the bear market of 2023, the specialist noted.
“This sustained decline in reserves indicates weakening demand and a more defensive position among investors,” he commented.
Technical analyst Ardi reported that open interest in Bitcoin on Binance has plummeted by 20% over the past two weeks.
$BTC
— Ardi (@ArdiNSC) February 17, 2026
Open Interest down 20% in 2 weeks. Price up 20% from the lows in that same window.
Shorts closing. Not new longs entering.
There's no fresh capital entering in this range right now. Until OI starts climbing WITH price, every bounce is a series of short… pic.twitter.com/0bitjf5s6g
“Shorts are closing, but new longs are not being opened. There is currently no influx of fresh capital in this range,” he wrote.
Until open interest begins to rise alongside the price of the cryptocurrency, each bounce will merely be another series of short position liquidations. Ardi believes the sector has entered the dullest phase of the bear market, during which traders lose interest.
At the time of writing, Bitcoin is trading around $68,100, having dropped 1.3% in the last 24 hours.
For reference, Bloomberg Intelligence's senior commodity strategist Mike McGlone confirmed the forecast of $10,000 for Bitcoin.