Bitcoin’s Key SOPR Metric Holds Steady: Are Long-Term Holders Eyeing Higher Prices?
2024年12月24日 - 9:30AM
NEWSBTC
Bitcoin has continued to see declining performance in recent days
with on-chain metrics offering valuable insights into market
behavior. Among these metrics, the Spent Output Profit Ratio (SOPR)
for long-term holders has particularly emerged as a critical tool
for assessing investor sentiment and market resilience. Long-term
holders, defined as investors holding Bitcoin for over 155 days,
are often viewed as a stabilizing force in the market. Their
selling patterns can significantly influence price trends, making
SOPR an indicator worth watching. Related Reading: Bitcoin Market
Leverage and Coinbase Premium: What Recent Data Reveals Long-Term
Holder Trends And Market Sentiment Recent analysis from a
CryptoQuant analyst known as Cryptoavails highlights that Bitcoin’s
long-term holder SOPR metric continues to exhibit notable patterns
as Bitcoin’s price trends upward. Historically, SOPR values above 1
indicate that long-term holders are selling at a profit, while
values below 1 suggest they are offloading their holdings at a
loss. This behavior reflects broader market confidence or
capitulation during periods of price decline. Currently, the SOPR
metric remains consistently above 1, signaling that long-term
holders are selling profitably without adding significant downward
pressure on Bitcoin’s price. The analysis from Cryptoavails tracks
key phases in the Bitcoin market over the past two years,
highlighting significant shifts in SOPR values. For instance, in
early 2022, the SOPR metric showed high volatility with frequent
spikes, suggesting intense profit-taking activity by long-term
holders. Amid these sales, Bitcoin’s price experienced a downward
trend, reflecting persistent selling pressure during that period.
This trend gradually shifted in late 2022 and early 2023 when the
SOPR metric mostly remained below 1, indicating that long-term
holders were selling at a loss as the market sought to find
stability. By mid-2023, the SOPR began trending upwards, signaling
renewed confidence among long-term investors. The metric
consistently moved closer to or above the critical level of 1,
suggesting that long-term holders were once again selling at a
profit while market confidence began to recover. This upward trend
has remained intact into 2024, supported by Bitcoin’s rising price
levels. Importantly, there have been no significant sell-offs by
long-term holders, reinforcing the broader market’s stability,
according to the crypto analyst. SOPR As A Forward Indicator For
Market Growth Overall, Cryptoavails mentioned that the current
state of Bitcoin’s SOPR suggests a healthy market dynamic, with
long-term holders contributing to a stable price structure. Despite
periodic corrections, the sustained presence of SOPR above 1
indicates that selling pressure remains controlled. Related
Reading: What’s The Worst Case Scenario For Bitcoin Right Now?
Analyst Explains The analyst also pointed out that this behavior
reflects market maturity, where long-term investors are not rushing
to offload their holdings despite Bitcoin’s price appreciation.
Regardless, Bitcoin has continued to consistently decrease in price
since its sharp drop below $100,000 last week. At the time of
writing, Bitcoin trades at a price of $93,991 down by 1.6% in the
past 24 hours. Featured image created with DALL-E, Chart from
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