On-chain data shows the Bitcoin short-term holders have started selling at a loss. Here’s what this could mean for the cryptocurrency’s price.
Bitcoin Short-Term Holder SOPR Has Just Dipped Under 1
As pointed out by CryptoQuant author Axel Adler Jr in a new post on X, the Bitcoin Spent Output Profit Ratio (SOPR) of the short-term holders has declined into the red zone recently.
The “SOPR” here refers to an on-chain indicator that tells us whether the BTC investors are selling their coins at a profit or loss. The metric works by going through the transaction history of each coin being sold/transferred on the network to see what price it was transacted at prior to this.
If the last transfer price of the coin was less than the current spot value it’s being sold at now, then its sale could be assumed to be leading to profit realization. Similarly, transactions of the tokens of the opposite type correspond to loss-taking. The SOPR adds up the profits and losses being
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