{"id":475244,"date":"2021-11-02T19:00:49","date_gmt":"2021-11-02T19:00:49","guid":{"rendered":"https:\/\/uniquehot.com\/?p=475244"},"modified":"2024-06-11T14:00:00","modified_gmt":"2024-06-11T14:00:00","slug":"bitcoin-sopr-market-activity-early-bull-run","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-sopr-market-activity-early-bull-run\/","title":{"rendered":"Bitcoin SOPR Suggests Current Market Activity Resembles Early Bull Run Behavior"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Despite Bitcoin reaching new highs, the BTC SOPR data may suggest current market activity resembles that of an early bull run.<\/span><\/p>\n<h2><b>Bitcoin SOPR Shows Profit Taking Is Mild Despite New ATH<\/b><\/h2>\n<p><span style=\"font-weight: 400\">As per the latest weekly report from<\/span><a href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-44-2021\/\" rel=\"nofollow\"> <span style=\"font-weight: 400\">Glassnode<\/span><\/a><span style=\"font-weight: 400\">, the BTC SOPR shows that the current profit taking behavior of the market is mild, even though the crypto just reached new highs.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The<\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/on-chain-data-bitcoin-investors-sell\/\"> <span style=\"font-weight: 400\">Spent Output Profit Ratio<\/span><\/a><span style=\"font-weight: 400\"> (or the SOPR in short) is a Bitcoin indicator that highlights whether holders as a whole are currently selling at a profit or not.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The metric&#8217;s value is calculated by taking the ratio between the value of coins at the time holders bought them, and the price at which they sold them. Simply put, it&#8217;s price sold divided by price paid.<\/span><\/p>\n<p><span style=\"font-weight: 400\">When the indicator has values greater than one, it means the coins that were moved during the specific time period sold, on an average, at a profit.<\/span><\/p>\n<p style=\"text-align: center\"><b><i>Related Reading |<\/i><\/b><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bullish-bitcoin-price-chart-monthly\/\"> <b><i>10 Bullish Monthly Bitcoin Price Charts To Start November<\/i><\/b><\/a><\/p>\n<p><span style=\"font-weight: 400\">On the other hand, SOPR values lower than one would suggest holders sold their Bitcoin at a loss overall during the period. The metric&#8217;s value exactly equal to one means the market broke even.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Now, here is a chart that shows the trend in the value of the aSOPR indictor, which is the normal SOPR adjusted to eliminate relay transactions and other noise by not taking into account spent outputs that moved within one hour of creation:<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-475246 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/11\/SOPR.png?resize=512%2C288\" alt=\"Bitcoin SOPR\" width=\"512\" height=\"288\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/11\/SOPR.png?w=512 512w, https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/11\/SOPR.png?w=460 460w\" sizes=\"(max-width: 512px) 100vw, 512px\"><\/p>\n<pre style=\"text-align: center\"><span style=\"font-weight: 400\">The change in the BTC aSOPR over the course of the entire bull run | Source:<\/span><a href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-44-2021\/\" rel=\"nofollow\"> <span style=\"font-weight: 400\">Glassnode<\/span><\/a><span style=\"font-weight: 400\">\u00a0<\/span><\/pre>\n<p><span style=\"font-weight: 400\">As the above graph shows, the current Bitcoin market looks to be showing mild spending behavior with some profits.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Interestingly, similar market activity was observed in the couple of months leading up to November 2020. Back then, the bull run had only just started and BTC was yet to make a new all-time high.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This time Bitcoin has already made a<\/span><a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-price-all-time-high-record\/\"> <span style=\"font-weight: 400\">new ATH<\/span><\/a><span style=\"font-weight: 400\">, but spending behavior hasn&#8217;t shifted to sustained profit taking that was seen throughout the early part of this year.\u00a0<\/span><\/p>\n<p style=\"text-align: center\"><b><i>Related Reading |<\/i><\/b><a href=\"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-supply-shock-exchange\/\"> <b><i>Ethereum Supply Shock Deepens: Exchange Reserves Decline 18% In 5 Months<\/i><\/b><\/a><\/p>\n<p><span style=\"font-weight: 400\">The trend may show that investors are not willing to sell at current levels as they think the price will appreciate further.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The report notes that positive aSOPR behavior with upwards or sideways price movement like right now can be constructive as it shows the market can absorb the sell side while also maintaining support levels.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-475247 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/11\/unnamed.png?resize=512%2C269\" alt=\"BTC price\" width=\"512\" height=\"269\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/11\/unnamed.png?w=512 512w, https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/11\/unnamed.png?w=460 460w\" sizes=\"(max-width: 512px) 100vw, 512px\"><\/p>\n<pre style=\"text-align: center\"><span style=\"font-weight: 400\">BTC's price shows a sharp movement up | Source:<\/span><a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" rel=\"nofollow\"> <span style=\"font-weight: 400\">BTCUSD on TradingView<\/span><\/a><\/pre>\n<h2><b>BTC Price<\/b><\/h2>\n<p><span style=\"font-weight: 400\">At the time of writing,<\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/buy-bitcoin-robert-kiyosaki-foresees\/\"> <span style=\"font-weight: 400\">Bitcoin&#8217;s price<\/span><\/a><span style=\"font-weight: 400\"> floats around $63k, up 2% in the last seven days. The above chart shows the trend in the price of the coin over the last five days.<\/span><\/p>\n<pre><span style=\"font-weight: 400\">Featured image from Unsplash.com, charts from TradingView.com, Glassnode.com<\/span><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Despite Bitcoin reaching new highs, the BTC SOPR data may suggest current market activity resembles that of an early bull run. Bitcoin SOPR Shows Profit Taking Is Mild Despite New ATH As per the latest weekly report from Glassnode, the BTC SOPR shows that the current profit taking behavior of the market is mild, even though the crypto just reached new highs. The Spent Output Profit Ratio (or the SOPR in short) is a Bitcoin indicator that highlights whether holders as a whole are currently selling at a profit or not.\u00a0 The metric&#8217;s value is calculated by taking the ratio between the value of coins at the time holders bought them, and the price at which they sold them. Simply put, it&#8217;s price sold divided by price paid. When the indicator has values greater than one, it means the coins that were moved during the specific time period sold, on an average, at a profit. Related Reading | 10 Bullish Monthly Bitcoin Price Charts To Start November On the other hand, SOPR values lower than one would suggest holders sold their Bitcoin at a loss overall during the period. The metric&#8217;s value exactly equal to one means the market broke even. Now, here is a chart that shows the trend in the value of the aSOPR indictor, which is the normal SOPR adjusted to eliminate relay transactions and other noise by not taking into account spent outputs that moved within one hour of creation: The change in the BTC aSOPR over the course of the entire bull run | Source: Glassnode\u00a0 As the above graph shows, the current Bitcoin market looks to be showing mild spending behavior with some profits.\u00a0 Interestingly, similar market activity was observed in the couple of months leading up to November 2020. Back then, the bull run had only just started and BTC was yet to make a new all-time high. This time Bitcoin has already made a new ATH, but spending behavior hasn&#8217;t shifted to sustained profit taking that was seen throughout the early part of this year.\u00a0 Related Reading | Ethereum Supply Shock Deepens: Exchange Reserves Decline 18% In 5 Months The trend may show that investors are not willing to sell at current levels as they think the price will appreciate further.\u00a0 The report notes that positive aSOPR behavior with upwards or sideways price movement like right now can be constructive as it shows the market can absorb the sell side while also maintaining support levels. BTC&#8217;s price shows a sharp movement up | Source: BTCUSD on TradingView BTC Price At the time of writing, Bitcoin&#8217;s price floats around $63k, up 2% in the last seven days. The above chart shows the trend in the price of the coin over the last five days. Featured image from Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":475245,"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":[428,1119,78790,84284,6664,84578,4524,76835],"class_list":["post-475244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt","tag-btucsd","tag-crypto","tag-sopr","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin SOPR Suggests Current Market Activity Resembles Early Bull Run Behavior<\/title>\n<meta name=\"description\" content=\"Despite Bitcoin reaching new highs, the BTC SOPR data may suggest current market activity resembles that of an early bull run. 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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. 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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. 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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. 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