🚨 The strong hands are starting to bend

For the first time since the 2023 bear market, Bitcoin’s long term holder SOPR just dropped below 1 to 0.88, which means seasoned holders are beginning to sell at a loss.
That is not full capitulation yet because the monthly SOPR is still above 1, but it is the first real crack in the armor.
At the same time, the Crypto Fear Index is stuck in its longest extreme fear stretch in years, with BTC and ETH both bleeding through 2026.
Historically, this kind of fear has marked major turning points.
Right now we are in the transition phase where conviction gets tested and weak positioning gets exposed.
What happens next will decide whether this was just a violent reset or the start of something deeper.