Bitcoin 30-Day Long-Term Holder SOPR Is Yet To Hit Bottom Values
29 Septembre 2022 - 9:00PM
NEWSBTC
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 amount
of profit currently. On the other hand, the indicator having values
than the threshold suggests that investors as a whole are moving
coins at a loss at the moment. “Long-term holders” (LTHs) are a
cohort of Bitcoin investors who hold their coins for at least 155
days before selling or moving them. Here is a chart that shows the
trend in the 30-day moving average BTC SOPR over the last several
years specifically for these LTHs: The 30-day MA value of the
metric seems to have been going down in recent days | Source:
CryptoQuant As you can see in the above graph, the 30-day MA
Bitcoin LTH SOPR seems to have hit a specific level around the
price bottom in each of the previous two cycles. These touches of
the level in the loss region didn’t exactly coincide with the cycle
lows, but they were still quite close, making them good buying
opportunities for the crypto. Related Reading: 2022: The Year
Extreme Fear Took Over The Crypto Market In recent months, as the
bear has taken over, the indicator’s value has declined below the 1
mark, implying the LTHs have been selling at a loss recently. While
the metric has declined deep into the red zone by this point, it’s
still not at the level where the historical cycles observed their
bottoms. Though, as the chart shows in the bottom, the DPO (an
indicator that’s popularly used for finding cycle tops and bottoms
of any quantity) of the LTH SOPR has started turning back up
recently. Related Reading: Bitcoin Notches Highest Trading Volume
In Over 3 Months, Binance Data Shows In the past bear markets, the
LTH SOPR reached the bottom level not too long after the DPO
reversed trend like this. If a similar pattern follows now as well,
it may not be too long until long-term holder loss selling reaches
its maximum point. BTC Price At the time of writing, Bitcoin’s
price floats around $19.2k, up 1% in the past week. Looks like BTC
has been moving sideways again during the last few days | Source:
BTCUSD on TradingView Featured image from Kanchanara on
Unsplash.com, charts from TradingView.com, CryptoQuant.com
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