On-chain data shows Bitcoin long-term holders are dumping their coins as BTC plummets below the $17,000 level.
Bitcoin Long-Term Holder SOPR Spikes Today
As pointed out by an analyst in a CryptoQuant post, some BTC long-term holders seem to have taken profits in the past day. The relevant indicator here is the “Spent Output Profit Ratio,” which tells us whether Bitcoin investors as a whole are selling their coins at a profit or at a loss right now.
When this metric has a value greater than 1, it means the average holder has been moving their coins at some profit recently. On the other hand, values below the threshold suggest the overall market has been realizing some loss. Naturally, SOPR exactly equal to 1 implies that the investors are just breaking-even with their selling.
The “long-term holder” (LTH) group is a Bitcoin cohort that includes all investors who have been holding onto their coins since at least 155 days ago, without having moved or sold them from a single addres
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