On-chain data shows the Bitcoin long-term holder SOPR has dropped to March 2020 levels as the price of the crypto crashes below $24k. Bitcoin Long-Term Holder SOPR Plunges Deeper Below One As pointed out by an analyst in a CryptoQuant post, BTC long-term holders are now realizing a similar level of loss as during March 2020. 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 looking at the on-chain history of each coin being sold to see what price it was previously moved at. If this last price was less than the current value of the crypto, then that particular coin has now been sold at a profit. Related Reading | Bitcoin Slides As CPI Report Hints At Soaring Inflation – More Bearish Pressure Ahead? On the other hand, the previous selling value being more than the latest price would imply the coin realized a loss. When the value of SOPR is greater than one, it means the overall BTC market is selling at a profit at the moment. Values less than one, on the contrary, imply that investors as a whole are realizing losses right now. “Long-term holders” (LTHs) are those Bitcoin investors who hold their coins for at least 155 days without selling them. Here is a chart that shows the trend in the BTC SOPR specifically for these LTHs: The value of the 20-day MA LTH SOPR looks to ha...
