Data from Glassnode shows the recent selling from Bitcoin long-term holders has come from those who bought at more recent prices, and not the hodlers who got in during the 2017-2020 cycle. Bitcoin Long-Term Holders Have Been Selling At An Average Loss Of 33% As per the latest weekly report from Glassnode, the BTC long-term holder SOPR has had a value of less than one during recent weeks. The “spent output profit ratio” is an indicator that tells us whether Bitcoin investors are selling at a profit or at a loss right now. When the value of the ratio is greater than one, it means the market as a whole is selling at some profit right now. On the other hand, the indicator’s value being less than one implies the investors are realizing some loss on average currently. Naturally, the metric’s value being exactly equal to one suggests the market is just breaking even at the moment. The “long-term holder” group is a cohort that includes all investors who held their Bitcoin for at least 155 days before selling. Now, here is a chart that shows the trend in the SOPR over the last decade specifically for these LTHs: Looks like the value of the indicator has been going down recently | Source: Glassnode's The Week Onchain - Week 28, 2022 As you can see in the above graph, the Bitcoin long-term holders have been selling at an average loss of 33% in recent days. Related Reading | Bitcoin Bearish Si...
