{"id":517484,"date":"2023-01-25T11:20:20","date_gmt":"2023-01-25T16:20:20","guid":{"rendered":"https:\/\/wncen.com\/?p=517484"},"modified":"2024-06-11T09:58:18","modified_gmt":"2024-06-11T09:58:18","slug":"bitcoin-short-term-holder-profit-correct","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-short-term-holder-profit-correct\/","title":{"rendered":"Bitcoin Short-Term Holder Profit-Taking Spikes, Will BTC Price Recover?"},"content":{"rendered":"

On-chain data shows Bitcoin short-term holder profit-taking has spiked, will this lead to a correction in the price of the crypto?<\/p>\n

Bitcoin Short-Term Holder SOPR Has Surged Recently<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, instances of the current trend have led to declines in the crypto’s price in the past. The relevant indicator here is the “Spent Output Profit Ratio<\/a>” (SOPR), which tells us whether the average Bitcoin investor is selling their coins at a profit or at a loss right now.<\/p>\n

When the value of this metric is greater than 1, it means the holders as a whole are realizing some profits on their selling currently. On the other hand, values below the threshold suggest the overall market is leaning towards loss realization at the moment. Naturally, the indicator being exactly equal to 1 implies the average holder is just breaking even on their distribution right now.<\/p>\n

One of the two main segments of the BTC market is made up of the “short-term holders<\/a>” (STHs), which is a cohort that includes all investors who acquired their coins within the last 155 days. The holders who have been sitting on their coins for more than this threshold amount are called “long-term holders” (LTHs).<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin SOPR specifically for the STHs:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have risen in recent days | Source: CryptoQuant<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin STH SOPR (as well as its 7-day moving average) has surged and broken above 1 recently. This means that as the BTC rally has taken place, the STHs have come into profits and they are now selling to harvest these gains.<\/p>\n
Related Reading: Shiba Inu Declines 6%, Gets Flipped By Litecoin In Market Cap Again<\/a><\/div>\n
The chart also includes data for the 7-day triple exponential average (TRIX) of the STH SOPR. The TRIX is a momentum oscillator that shows the percentage change in a metric’s moving average after smoothening it exponentially three times (hence the name).<\/p>\n
From the chart, it’s visible that during this bear market, whenever the STH SOPR 7-day TRIX has hit a positive top, the price of Bitcoin has noticed a local top formation as well and has subsequently gone down.<\/p>\n
It looks like most recently, the 7-day TRIX of the STH SOPR has shot up again, and the metric seems to be curving inside now, potentially moving toward a top formation.<\/p>\n
This pattern looks similar to the instances seen earlier in the bear market, which could suggest this Bitcoin rally may be heading toward the same fate as those previous ones. Though that would be only if the pattern does complete and the indicator makes the top.<\/p>\n
Related Reading: Here\u2019s Why The Bitcoin Price Rally Stalled For Now<\/a><\/div>\n
The analyst has also posted the chart for the 2018-2019 bear market, to see how the current rally compares with that of April 2019.<\/p>\n
\"Bitcoin<\/p>\n
The trend in the STH SOPR 7-day TRIX in the 2018-2019 bear market | Source: CryptoQuant<\/a><\/pre>\n
Interestingly, the rally of April 2019 only felt a short-term pullback from the first big spike in the indicator; it was only with the second spike that the price topped out. There have been some similarities<\/a> between the current rally and that of April 2019 already, which may mean that the current one could also shrug off this first spike in the indicator and continue its momentum, just like the past rally.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $22,900, up 5% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC consolidates | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Thought Catalog on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows Bitcoin short-term holder profit-taking has spiked, will this lead to a correction in the price of the crypto? Bitcoin Short-Term Holder SOPR Has Surged Recently As pointed out by an analyst in a CryptoQuant post, instances of the current trend have led to declines in the crypto’s price in the past. The relevant indicator here is the “Spent Output Profit Ratio” (SOPR), which tells us whether the average Bitcoin investor is selling their coins at a profit or at a loss right now. When the value of this metric is greater than 1, it means the holders as a whole are realizing some profits on their selling currently. On the other hand, values below the threshold suggest the overall market is leaning towards loss realization at the moment. Naturally, the indicator being exactly equal to 1 implies the average holder is just breaking even on their distribution right now. One of the two main segments of the BTC market is made up of the “short-term holders” (STHs), which is a cohort that includes all investors who acquired their coins within the last 155 days. The holders who have been sitting on their coins for more than this threshold amount are called “long-term holders” (LTHs). Now, here is a chart that shows the trend in the Bitcoin SOPR specifically for the STHs: The value of the metric seems to have risen in recent days | Source: CryptoQuant As displayed in the above graph, the Bitcoin STH SOPR (as well as its 7-day moving average) has surged and broken above 1 recently. This means that as the BTC rally has taken place, the STHs have come into profits and they are now selling to harvest these gains. Related Reading: Shiba Inu Declines 6%, Gets Flipped By Litecoin In Market Cap Again The chart also includes data for the 7-day triple exponential average (TRIX) of the STH SOPR. The TRIX is a momentum oscillator that shows the percentage change in a metric’s moving average after smoothening it exponentially three times (hence the name). From the chart, it’s visible that during this bear market, whenever the STH SOPR 7-day TRIX has hit a positive top, the price of Bitcoin has noticed a local top formation as well and has subsequently gone down. It looks like most recently, the 7-day TRIX of the STH SOPR has shot up again, and the metric seems to be curving inside now, potentially moving toward a top formation. This pattern looks similar to the instances seen earlier in the bear market, which could suggest this Bitcoin rally may be heading toward the same fate as those previous ones. Though that would be only if the pattern does complete and the indicator makes the top. Related Reading: Here\u2019s Why The Bitcoin Price Rally Stalled For Now The analyst has also posted the chart for the 2018-2019 bear market, to see how the current rally compares with that of April 2019. The trend in the STH SOPR 7-day TRIX in the 2018-2019 bear market | Source: CryptoQuant Interestingly, the rally of April 2019 only felt a short-term pullback from the first big spike in the indicator; it was only with the second spike that the price topped out. There have been some similarities between the current rally and that of April 2019 already, which may mean that the current one could also shrug off this first spike in the indicator and continue its momentum, just like the past rally. BTC Price At the time of writing, Bitcoin is trading around $22,900, up 5% in the last week. BTC consolidates | Source: BTCUSD on TradingView Featured image from Thought Catalog on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":517502,"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":[428,461,84852,84438,87466,85802,1119,1144],"class_list":["post-517484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bearish","tag-bitcoin-short-term-holders","tag-bitcoin-sopr","tag-bitcoin-sth","tag-bitcoin-sth-sopr","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Short-Term Holder Profit-Taking Spikes, Will BTC Price Recover?<\/title>\n<meta name=\"description\" content=\"On-chain data shows Bitcoin short-term holder profit-taking has spiked, will this lead to a correction in the price of the crypto? 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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. 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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":"Bitcoin Short-Term Holder Profit-Taking Spikes, Will BTC Price Recover?","url":"http:\/\/wncen.com\/news\/bitcoin-short-term-holder-profit-correct\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-short-term-holder-profit-correct\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/thought-catalog-I0TDRP0fj6Y-unsplash-1-1-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/thought-catalog-I0TDRP0fj6Y-unsplash-1-1-scaled.jpg?fit=2560%2C1918"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bearish","bitcoin short-term holders","bitcoin sopr","bitcoin sth","bitcoin sth sopr","btc","btcusd"],"dateCreated":"2023-01-25T16:20:20Z","datePublished":"2023-01-25T16:20:20Z","dateModified":"2024-06-11T09:58:18Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Short-Term Holder Profit-Taking Spikes, Will BTC Price Recover?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-short-term-holder-profit-correct\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-short-term-holder-profit-correct\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/thought-catalog-I0TDRP0fj6Y-unsplash-1-1-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/thought-catalog-I0TDRP0fj6Y-unsplash-1-1-scaled.jpg?fit=2560%2C1918\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bearish\",\"bitcoin short-term holders\",\"bitcoin sopr\",\"bitcoin sth\",\"bitcoin sth sopr\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-01-25T16:20:20Z\",\"datePublished\":\"2023-01-25T16:20:20Z\",\"dateModified\":\"2024-06-11T09:58:18Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/thought-catalog-I0TDRP0fj6Y-unsplash-1-1-scaled.jpg?fit=2560%2C1918","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/517484"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=517484"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/517484\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/517502"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=517484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=517484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=517484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}