Bitcoin SOPR Suggests Market Nowhere Near The Bottom
According to on-chain data, current Bitcoin SOPR trend suggests the market may be nowhere near the price bottom. Bitcoin SOPR Still Some Distance Above The “One” Level As pointed out by an analyst in a CryptoQuant post, the BTC SOPR hints there may be some ways to go still before a bottom forms. The “spent output profit ratio” (or SOPR in brief) is an indicator that tells us whether investors are selling at a profit or a loss right now. The metric works by evaluating the history of each coin on the chain to see which price it was last moved at. If this price was....
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Bitcoin has continued its rally breaking above $42k today, making many wonder whether $33k was the bottom. Here’s what the SOPR data says about it. Bitcoin Short-Term Holder SOPR Starts Turning Green Again As explained by an analyst in a CryptoQuant post, the current BTC SOPR pattern may look similar to that around the bottom formation back in July of last year. The “Spent Output Profit Ratio” (or SOPR in short) is an on-chain indicator that tells us whether investors are currently selling at a profit or at a loss. The metric works by checking the history of each coin....
On-chain data shows the Bitcoin 30-day long-term holder SOPR hasn’t yet reached the historical bottom level during the current cycle. Bitcoin 30-Day Long-Term Holder SOPR Has Declined Recently As pointed out by an analyst in a CryptoQuant post, the long-term holders haven’t attained their maximum pressure point yet. The “Spent Output Profit Ratio” (or SOPR in short) is an indicator tells us whether the average Bitcoin investor is selling at a profit or at a loss right now. When the value of this metric is less than 1, it means the overall market is realizing some....
The pattern of an on-chain metric may suggest that Bitcoin could see more downside ahead before a rebound is found. Bitcoin STH SOPR Hasn’t Hit The Bottom Zone Yet An analyst in a CryptoQuant Quicktake post explained that the BTC short-term holders are selling at a loss. The relevant indicator here is the “Spent Output Profit Ratio (SOPR),” which tells us whether the Bitcoin holders are selling their coins at a profit or a loss. When the value of this indicator is greater than 1, it means that the average holder in the market is moving their coins at a profit. On the....
Will Bitcoin observe a repeat of the rebound that took place after the crash back in March? Here’s what this on-chain metric suggests. Bitcoin Short-Term Holder SOPR Is Showing A Pattern Similar To March As an analyst in a CryptoQuant post explained, if the BTC short-term holder SOPR crosses above 1 in the coming days, a rebound might occur. The “Spent Output Profit Ratio” (SOPR) here refers to an indicator that tells us whether the investors are selling their Bitcoin at a profit or a loss right now. When the value of this metric is greater than 1, it means that the....
On-chain data shows Bitcoin long-term holder capitulation has deepened recently, but has not entered into the historical bottom zone yet. Bitcoin Long-Term Holder SOPR Continues To Observe Deep Values Below ‘1’ As explained by an analyst in a CryptoQuant post, BTC long-term holders have been realizing losses in recent weeks. The “spent output profit ratio” (or SOPR in short) is an indicator that tells us whether Bitcoin investors are currently selling at a profit or at a loss. The metric works by checking the on-chain history of each coin being sold to see what....