Bitcoin's long-term holder Spent Output Profit Ratio (SOPR) has fallen below 1 for the first time in 1-2 years, according to data from Glassnode. This metric indicates that holders are realizing significant losses, reminiscent of the market conditions during the May 2022 LUNA crash. The SOPR below 1 suggests that coins are being sold at a loss, highlighting the current challenging market environment for long-term Bitcoin investors.