Long-term Bitcoin holders are experiencing significant losses, with the Long-Term Holder Spent Output Profit Ratio (LTH SOPR) dropping to 0.753. This indicates that these holders are realizing losses of nearly 25% on each coin moved. The LTH SOPR has consistently printed below 0.80 since March 11, highlighting a persistent trend of capitulation among long-term investors. In contrast, the Short-Term Holder SOPR (STH SOPR) is near breakeven at 0.996, suggesting that short-term holders are less affected. The divergence between long-term and short-term holders is notable, with the SOPR Ratio (LTH/STH) at 0.757, indicating deeper losses for long-term holders. This pattern, coupled with positive exchange inflows, suggests potential market shifts as long-term conviction is tested.