Bitcoin's long-term holders are still in the green. Short-term investors, however, are selling at a loss.

CryptoQuant's Head of Research Julio Moreno highlighted this trend on X. He points out a major capitulation event among newer Bitcoin owners.

The crypto market splits investors into two camps. Those holding for less than 155 days are "short-term holders" (STHs). Anyone beyond that is a "long-term holder" (LTH).

Stats show longer holding times lead to less selling. STHs are the market's weak hands. LTHs are the diamond-handed HODLers.

The recent crash sparked different reactions from these groups. Moreno used the "Spent Output Profit Ratio" (SOPR) to show this.

SOPR reveals if a group is selling at a profit or loss. Above 1 means profit. Below 1 means loss.

A chart shows the SOPR for both groups. STH SOPR has been below 1 during the price drop. They're selling at a loss.

At its worst, STH SOPR fell below 0.8. These paper hands were taking over 20% losses. Talk about panic!

Meanwhile, LTHs are chilling. Their SOPR stayed above 1. They're still making bank.

During the brief price bounce, LTHs cashed in big time. STHs barely broke even, and only for a hot minute.