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 ...
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