Bitcoin on-chain data shows current trend with the short-term holder SOPR looks similar to that in June. This may mean that a bear period similar to then has started. Bitcoin Short-Term Holders Continue To Realize Losses As pointed out by an analyst in a CryptoQuant post, Bitcoin short-term holders have continued to realize profits recently, as suggested by the SOPR. This trend may be similar to the one seen in June. The “Spent Output Profit Ratio,” or SOPR in short, is an indicator that measures the profit ratio of the overall market by looking at the price each coin was sold at and comparing it with the price it was bought at. When the value of this metric is above one, it means holders are, on an average, selling at a profit. On the other hand, SOPR values less than one would mean investors are currently dumping their Bitcoin at a loss. The value of the metric when exactly equal to one would imply that the overall BTC market is currently breaking even. A modification of this indicator is the short-term holder (STH) SOPR. This metric accounts for only those coins that were held for less than 155 days before being sold. Now, here is a chart that shows the trend in the Bitcoin STH SOPR over the past year: The indicator currently seems to be below one | Source: CryptoQuant As you can see in the above graph, the Bitcoin STH SOPR has remained below one for a while now, showing that these holders have been selling...
