Bitcoin's struggle to regain the $30,000 mark has left the market anticipating further sideways movements. However, a key on-chain metric suggests a shift in market sentiment... The Spent Output Profit Ratio (SOPR) signals that some market participants are already profiting. But who exactly is driving this profit realization? Short-term holders appear to be selling at a loss while long-term holders are capitalizing on their profits. This contrasting behavior suggests a market in the throes of redistribution, and could potentially...
Market back in profit-taking mode despite flat Bitcoin shows key metric Market back in profit-taking mode despite flat Bitcoin shows key metric
Bitcoin's SOPR just broke through a crucial threshold showing the market has began realizing profits. However, a deeper look at cohorts shows which market participants are driving this spike.
2 min read
Updated: Aug. 4, 2023 at 1:34 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.