{"id":539395,"date":"2023-06-23T19:00:49","date_gmt":"2023-06-23T19:00:49","guid":{"rendered":"https:\/\/wncen.com\/?p=539395"},"modified":"2024-06-11T08:11:56","modified_gmt":"2024-06-11T08:11:56","slug":"bitcoin-sopr-bounces-into-profit-zone-what-mean","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-sopr-bounces-into-profit-zone-what-mean\/","title":{"rendered":"Bitcoin SOPR Bounces Into Profit Zone, What Does This Mean?"},"content":{"rendered":"

On-chain data shows the Bitcoin Spent Output Profit Ratio (SOPR) has bounced back into the profit zone with the latest rally above $30,000.<\/p>\n

Bitcoin SOPR Has Successfully Retested 1.0 Support Line<\/h2>\n

According to data from the on-chain analytics firm Glassnode<\/a>, investors are now selling their coins at a profit. The “SOPR<\/a>” is an indicator that tells us whether profit-taking or loss-taking is dominant in the Bitcoin market currently.<\/p>\n

When the value of this metric is greater than 1.0, it means that the profits being realized by the investors are higher than the losses currently. On the other hand, the values of the indicator under this mark suggest the market as a whole is moving\/selling coins at a loss.<\/p>\n

The SOPR being exactly equal to 1.0 naturally suggests that the average investor is just breaking even on their selling at the moment, as the total amount of profits being harvested in the market is equal to the losses.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin SOPR over the past year:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric seems to have shot up in recent days | Source: Glassnode on Twitter<\/a><\/pre>\n
Note that the version of the SOPR being used here is the “entity-adjusted” one, meaning that it only takes into account the transactions made between separate entities on the network and not all individual wallets.<\/p>\n
Related Reading: Bitcoin 30-Day Price Range Foreshadowed The Rally, Here\u2019s How<\/a><\/div>\n
An “entity” here refers to a single address or a collection of addresses that Glassnode has determined to belong to the same investor. As transfers where a holder moves coins to a different wallet of theirs aren’t actually sales at all, they aren’t relevant to the SOPR, and so, removing them from the data makes the indicator more accurate.<\/p>\n
As you can see in the above graph, the entity-adjusted SOPR has been mostly at values above 1.0 during the last few months, a trend that makes sense as the asset has observed a rally in this period, which is bound to have put investors into notable profits.<\/p>\n
Back in March, however, the indicator had deviated away from this profit-taking trend, as the Bitcoin price had taken a significant hit<\/a>. This deviation didn’t last for too long, though, as the metric returned to values above 1.0 as the rally resumed.<\/p>\n
Historically, the transition line between these two zones, that is, the 1.0 level, has had an interesting relationship with the price. During bearish trends, this line has proved to be a resistance point for the coin, while in bullish trends, it has often acted as support.<\/p>\n
Related Reading: Bitcoin Whales Show Most Active Hour In 3 Months As BTC Breaks $30,000<\/a><\/div>\n
Recently, as Bitcoin had been struggling, the SOPR had observed a slight drop under the 1.0 level again, although the deviation was pretty small when compared to the instance in March.<\/p>\n
As it has happened many times in the past, it would appear that the 1.0 retest has provided a bounce to BTC this time as well, as the cryptocurrency has rallied towards the $30,000 mark<\/a>.<\/p>\n
The Bitcoin SOPR has surged above 1.0 with this rebound, implying that the investors are now once again harvesting a large amount of profits.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $30,100, up 17% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has slowed down since the sharp jump | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Bitcoin Spent Output Profit Ratio (SOPR) has bounced back into the profit zone with the latest rally above $30,000. Bitcoin SOPR Has Successfully Retested 1.0 Support Line According to data from the on-chain analytics firm Glassnode, investors are now selling their coins at a profit. The “SOPR” is an indicator that tells us whether profit-taking or loss-taking is dominant in the Bitcoin market currently. When the value of this metric is greater than 1.0, it means that the profits being realized by the investors are higher than the losses currently. On the other hand, the values of the indicator under this mark suggest the market as a whole is moving\/selling coins at a loss. The SOPR being exactly equal to 1.0 naturally suggests that the average investor is just breaking even on their selling at the moment, as the total amount of profits being harvested in the market is equal to the losses. Now, here is a chart that shows the trend in the Bitcoin SOPR over the past year: Looks like the value of the metric seems to have shot up in recent days | Source: Glassnode on Twitter Note that the version of the SOPR being used here is the “entity-adjusted” one, meaning that it only takes into account the transactions made between separate entities on the network and not all individual wallets. Related Reading: Bitcoin 30-Day Price Range Foreshadowed The Rally, Here\u2019s How An “entity” here refers to a single address or a collection of addresses that Glassnode has determined to belong to the same investor. As transfers where a holder moves coins to a different wallet of theirs aren’t actually sales at all, they aren’t relevant to the SOPR, and so, removing them from the data makes the indicator more accurate. As you can see in the above graph, the entity-adjusted SOPR has been mostly at values above 1.0 during the last few months, a trend that makes sense as the asset has observed a rally in this period, which is bound to have put investors into notable profits. Back in March, however, the indicator had deviated away from this profit-taking trend, as the Bitcoin price had taken a significant hit. This deviation didn’t last for too long, though, as the metric returned to values above 1.0 as the rally resumed. Historically, the transition line between these two zones, that is, the 1.0 level, has had an interesting relationship with the price. During bearish trends, this line has proved to be a resistance point for the coin, while in bullish trends, it has often acted as support. Related Reading: Bitcoin Whales Show Most Active Hour In 3 Months As BTC Breaks $30,000 Recently, as Bitcoin had been struggling, the SOPR had observed a slight drop under the 1.0 level again, although the deviation was pretty small when compared to the instance in March. As it has happened many times in the past, it would appear that the 1.0 retest has provided a bounce to BTC this time as well, as the cryptocurrency has rallied towards the $30,000 mark. The Bitcoin SOPR has surged above 1.0 with this rebound, implying that the investors are now once again harvesting a large amount of profits. BTC Price At the time of writing, Bitcoin is trading around $30,100, up 17% in the last week. BTC has slowed down since the sharp jump | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":539414,"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":[428,85496,84438,1119,1144],"class_list":["post-539395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-profit-taking","tag-bitcoin-sopr","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin SOPR Bounces Into Profit Zone, What Does This Mean?<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin Spent Output Profit Ratio (SOPR) has bounced back into the profit zone with the latest rally above $30,000.\" \/>\n<meta name=\"robots\" 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Verma","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","caption":"Keshav Verma"},"description":"Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. 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 SOPR Bounces Into Profit Zone, What Does This Mean?","url":"http:\/\/wncen.com\/news\/bitcoin-sopr-bounces-into-profit-zone-what-mean\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-sopr-bounces-into-profit-zone-what-mean\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/kanchanara-9pCV2MB65y8-unsplash-3-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/kanchanara-9pCV2MB65y8-unsplash-3-scaled.jpg?fit=2560%2C1707"},"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 profit-taking","bitcoin sopr","btc","btcusd"],"dateCreated":"2023-06-23T19:00:49Z","datePublished":"2023-06-23T19:00:49Z","dateModified":"2024-06-11T08:11:56Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin SOPR Bounces Into Profit Zone, What Does This Mean?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-sopr-bounces-into-profit-zone-what-mean\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-sopr-bounces-into-profit-zone-what-mean\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/kanchanara-9pCV2MB65y8-unsplash-3-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/kanchanara-9pCV2MB65y8-unsplash-3-scaled.jpg?fit=2560%2C1707\"},\"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 profit-taking\",\"bitcoin sopr\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-06-23T19:00:49Z\",\"datePublished\":\"2023-06-23T19:00:49Z\",\"dateModified\":\"2024-06-11T08:11:56Z\"}<\/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\/06\/kanchanara-9pCV2MB65y8-unsplash-3-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/539395"}],"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=539395"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/539395\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/539414"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=539395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=539395"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=539395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}