Altcoin SOPR Hits Break-Even for First Time Since BTC's All-Time High — and Sellers Showed Up

The median Spent Output Profit Ratio across the top 500 coins just reached 1.0 — the break-even threshold where the average coin being sold was acquired at exactly its current price. It is the highest SOPR reading since Bitcoin was trading near its all-time high, and the market's response was immediate: heavy selling across the altcoin complex.

The signal carries weight because of what preceded it. The typical altcoin holder has been realizing losses continuously since late 2024, meaning this break-even touch is the first moment in months where sellers could exit without booking a loss. That the market met the level with aggressive supply rather than absorption suggests the bid underneath the altcoin market remains structurally weak.

Glassnode's Multi-Asset Explorer dashboard, which tracks on-chain profit and loss dynamics across BTC, ETH, SOL, and the broader top-500 universe, is the…