Bitcoin Long-Term Holder Loss-Taking Now Highest Since 2019
20 Juin 2022 - 9:00PM
NEWSBTC
On-chain data shows Bitcoin long-term holder SOPR has reached the
deepest value since 2019, suggesting this cohort has been realizing
some heavy losses recently. Bitcoin Long-Term Holder SOPR Continues
To Trend Down As pointed out by an analyst in a CryptoQuant post,
BTC long-term holders are currently realizing the largest amount of
losses since 2019. The “spent output profit ratio” (or SOPR in
brief) is an indicator that tells us whether Bitcoin investors are
selling at a profit or at a loss right now. The metric works by
checking through the transaction history of each coin being sold to
see what price it was moved at before. If the last selling price of
any coin was more than the current one, then that particular coin
realized some amount of loss. While if the previous value was less
than the one now, then the coin naturally moved at a profit. When
the value of the SOPR is greater than one, it means the investors
as a whole are selling at a profit right now. Related Reading
| Bitcoin Derivatives Exchange Reserve Surges Up As BTC
Continues To Plunge On the other hand, values of the ratio being
less than one imply the overall market is realizing a loss at the
moment. The “long-term holder” (LTH) group includes all those
investors who held their coins for at least 155 days before selling
or moving them. Now, here is a chart that shows the trend in the
Bitcoin SOPR specifically for these LTHs: The value of the metric
seems to have been going down in recent weeks | Source: CryptoQuant
As you can see in the above graph, the Bitcoin LTH SOPR has been
below one recently, and its value has been declining further. This
means that in response to the latest crash in the price of the
crypto, these hodlers have panicked and started selling at a loss.
Related Reading | TA: Bitcoin Recovery Stalls Near Key
Juncture, Key Resistance Intact Most recently, the value of the
metric touched lows not observed since way back in 2019. This
suggests that right now the LTH cohort is harvesting the largest
amount of losses in more than three years. The long-term holders
realizing such high losses may be a sign that the bottom could be
coming closer for Bitcoin. BTC Price At the time of writing,
Bitcoin’s price floats around $20.7k, down 12% in the last seven
days. Over the past month, the crypto has lost 31% in value. The
below chart shows the trend in the price of the coin over the last
five days. Looks like the value of the crypto has rebounded back
over the last couple of days | Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from
TradingView.com, CryptoQuant.com
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