{"id":483028,"date":"2022-02-07T19:00:49","date_gmt":"2022-02-07T19:00:49","guid":{"rendered":"https:\/\/wncen.com\/?p=483028"},"modified":"2024-06-11T10:13:41","modified_gmt":"2024-06-11T10:13:41","slug":"is-the-bitcoin-bottom-in-heres-what-sopr-data-says","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/is-the-bitcoin-bottom-in-heres-what-sopr-data-says\/","title":{"rendered":"Is The Bitcoin Bottom In? Here’s What SOPR Data Says"},"content":{"rendered":"

Bitcoin has continued its rally breaking above $42k today, making many wonder whether $33k was the bottom. Here’s what the SOPR data says about it.<\/p>\n

Bitcoin Short-Term Holder SOPR Starts Turning Green Again<\/h2>\n

As explained by an analyst in a CryptoQuant post<\/a>, the current BTC SOPR pattern may look similar to that around the bottom formation back in July of last year.<\/p>\n

The “Spent Output Profit Ratio<\/a>” (or SOPR in short) is an on-chain indicator that tells us whether investors are currently selling at a profit or at a loss.<\/p>\n

The metric works by checking the history of each coin being sold on the chain to see what price it was last moved at. If the Bitcoin price before was less than the current one, then the coin is considered to have been sold in profit.<\/p>\n

When the SOPR has values greater than 1, it means holders have been selling at a profit on average. On the other hand, values of the indicator below the threshold imply investors sold at a loss overall during this period.<\/p>\n

Related Reading |\u00a0Bitcoin Leverage Ratio Suggests More Decline May Be Coming<\/a><\/strong><\/em><\/p>\n

Naturally, SOPR values exactly equal to one mean the market broke even on average. Now, here is a chart that shows the trend in this Bitcoin indicator over the last year:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the LTH SOPR had a large spike recently | Source: CryptoQuant<\/a><\/pre>\n
As you can see above, there are separate graphs for two versions of the Bitcoin SOPR indicator. They are the short-term holder (STH) SOPR and the long-term holder (LTH) SOPR.<\/p>\n
Now, looking at the chart, it seems like the STH SOPR has been below one for a while now, but has now started to just turn green again. Also, the LTH SOPR had a huge spike recently.<\/p>\n
Related Reading |\u00a0Bitcoin Begins Bounce From 7-Year Bull Trend Line \u2014 Is This The Bottom?<\/a><\/em><\/strong><\/p>\n
The quant has pointed out that this trend of the two metrics seems to be similar to what happened during the May-July 2021 bear period. The bottom formation took place then, so if there is any pattern here, the bottom may be in now as well.<\/p>\n
However, the analyst also notes that the reason behind the large LTH SOPR spike this time looks to be because of the Bitfinex hack<\/a>, where a large number of dormant coins were moved. On the other hand, the last time it happened was because of a bear trap. Whether this is a false signal this time because of it remains to be seen.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin’s price<\/a> floats around $42.7k, up 15% in the last seven days.<\/p>\n
\"Bitcoin<\/p>\n
BTC's price rallies up | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has continued its rally breaking above $42k today, making many wonder whether $33k was the bottom. Here’s what the SOPR data says about it. Bitcoin Short-Term Holder SOPR Starts Turning Green Again As explained by an analyst in a CryptoQuant post, the current BTC SOPR pattern may look similar to that around the bottom formation back in July of last year. The “Spent Output Profit Ratio” (or SOPR in short) is an on-chain indicator that tells us whether investors are currently selling at a profit or at a loss. The metric works by checking the history of each coin being sold on the chain to see what price it was last moved at. If the Bitcoin price before was less than the current one, then the coin is considered to have been sold in profit. When the SOPR has values greater than 1, it means holders have been selling at a profit on average. On the other hand, values of the indicator below the threshold imply investors sold at a loss overall during this period. Related Reading |\u00a0Bitcoin Leverage Ratio Suggests More Decline May Be Coming Naturally, SOPR values exactly equal to one mean the market broke even on average. Now, here is a chart that shows the trend in this Bitcoin indicator over the last year: Looks like the LTH SOPR had a large spike recently | Source: CryptoQuant As you can see above, there are separate graphs for two versions of the Bitcoin SOPR indicator. They are the short-term holder (STH) SOPR and the long-term holder (LTH) SOPR. Now, looking at the chart, it seems like the STH SOPR has been below one for a while now, but has now started to just turn green again. Also, the LTH SOPR had a huge spike recently. Related Reading |\u00a0Bitcoin Begins Bounce From 7-Year Bull Trend Line \u2014 Is This The Bottom? The quant has pointed out that this trend of the two metrics seems to be similar to what happened during the May-July 2021 bear period. The bottom formation took place then, so if there is any pattern here, the bottom may be in now as well. However, the analyst also notes that the reason behind the large LTH SOPR spike this time looks to be because of the Bitfinex hack, where a large number of dormant coins were moved. On the other hand, the last time it happened was because of a bear trap. Whether this is a false signal this time because of it remains to be seen. BTC Price At the time of writing, Bitcoin’s price floats around $42.7k, up 15% in the last seven days. BTC’s price rallies up | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":483032,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,27251,84438,1119,1144],"class_list":["post-483028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bottom","tag-bitcoin-sopr","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nIs The Bitcoin Bottom In? Here's What SOPR Data Says<\/title>\n<meta name=\"description\" content=\"Bitcoin has continued its rally breaking above $42k today, making many wonder whether $33k was the bottom. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is The Bitcoin Bottom In? 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