On-chain data shows the Bitcoin 30-day long-term holder SOPR hasn’t yet reached the historical bottom level during the current cycle. Bitcoin 30-Day Long-Term Holder SOPR Has Declined Recently As pointed out by an analyst in a CryptoQuant post, the long-term holders haven’t attained their maximum pressure point yet. The “Spent Output Profit Ratio” (or SOPR in short) is an indicator tells us whether the average Bitcoin investor is selling at a profit or at a loss right now. When the value of this metric is less than 1, it means the overall market is realizing some amount of profit currently. On the other hand, the indicator having values than the threshold suggests that investors as a whole are moving coins at a loss at the moment. “Long-term holders” (LTHs) are a cohort of Bitcoin investors who hold their coins for at least 155 days before selling or moving them. Here is a chart that shows the trend in the 30-day moving average BTC SOPR over the last several years specifically for these LTHs: The 30-day MA value of ..
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