Bitcoin’s Spent Output Profit Ratio (SOPR) dipped below one as short-term holders exited positions at a loss. This historically aligns with temporary market bottoms. Despite this, the total value locked in decentralized finance (DeFi) reached $9.91 billion, driven by token incentives and derivatives activity even as daily TVL declined slightly. Bitcoin’s strong position within DeFi is evident with 701,698 active addresses and a market cap of $2.30 trillion. However, the market currently sees selling pressure from short-term holders leading to a dip in SOPR. This crucial stage in the market will likely signal a potential rebound or further decline. Meanwhile, DeFi continues its steady growth despite broader market volatility.