{"id":504283,"date":"2022-09-29T19:00:39","date_gmt":"2022-09-29T19:00:39","guid":{"rendered":"https:\/\/uniquehot.com\/?p=504283"},"modified":"2024-06-11T07:26:48","modified_gmt":"2024-06-11T07:26:48","slug":"bitcoin-30-long-term-holder-sopr-bottom-values","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-30-long-term-holder-sopr-bottom-values\/","title":{"rendered":"Bitcoin 30-Day Long-Term Holder SOPR Is Yet To Hit Bottom Values"},"content":{"rendered":"

On-chain data shows the Bitcoin 30-day long-term holder SOPR hasn’t yet reached the historical bottom level during the current cycle.<\/p>\n

Bitcoin 30-Day Long-Term Holder SOPR Has Declined Recently<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, the long-term holders haven’t attained their maximum pressure point yet.<\/p>\n

The “Spent Output Profit Ratio<\/a>” (or SOPR in short) is an indicator tells us whether the average Bitcoin investor is selling at a profit or at a loss right now.<\/p>\n

When the value of this metric is less than 1, it means the overall market is realizing some amount of profit currently.<\/p>\n

On the other hand, the indicator having values than the threshold suggests that investors as a whole are moving coins at a loss at the moment.<\/p>\n

“Long-term holders<\/a>” (LTHs) are a cohort of Bitcoin investors who hold their coins for at least 155 days before selling or moving them.<\/p>\n

Here is a chart that shows the trend in the 30-day moving average BTC SOPR over the last several years specifically for these LTHs:<\/p>\n

\"Bitcoin<\/p>\n

The 30-day MA value of the metric seems to have been going down in recent days | Source: CryptoQuant<\/a><\/pre>\n
As you can see in the above graph, the 30-day MA Bitcoin LTH SOPR seems to have hit a specific level around the price bottom in each of the previous two cycles.<\/p>\n
These touches of the level in the loss region didn’t exactly coincide with the cycle lows, but they were still quite close, making them good buying opportunities for the crypto.<\/p>\n
Related Reading:  2022: The Year Extreme Fear Took Over The Crypto Market<\/a><\/em><\/strong><\/div>\n
In recent months, as the bear has taken over, the indicator’s value has declined below the 1 mark, implying the LTHs have been selling at a loss recently.<\/p>\n
While the metric has declined deep into the red zone by this point, it’s still not at the level where the historical cycles observed their bottoms.<\/p>\n
Though, as the chart shows in the bottom, the DPO (an indicator that’s popularly used for finding cycle tops and bottoms of any quantity) of the LTH SOPR has started turning back up recently.<\/p>\n
Related Reading:  Bitcoin Notches Highest Trading Volume In Over 3 Months, Binance Data Shows<\/a><\/em><\/strong><\/div>\n
In the past bear markets, the LTH SOPR reached the bottom level not too long after the DPO reversed trend like this. If a similar pattern follows now as well, it may not be too long until long-term holder loss selling reaches its maximum point.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin’s price<\/a> floats around $19.2k, up 1% in the past week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like BTC has been moving sideways again during the last few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Bitcoin 30-day long-term holder SOPR hasn’t yet reached the historical bottom level during the current cycle. Bitcoin 30-Day Long-Term Holder SOPR Has Declined Recently As pointed out by an analyst in a CryptoQuant post, the long-term holders haven’t attained their maximum pressure point yet. The “Spent Output Profit Ratio” (or SOPR in short) is an indicator tells us whether the average Bitcoin investor is selling at a profit or at a loss right now. When the value of this metric is less than 1, it means the overall market is realizing some amount of profit currently. On the other hand, the indicator having values than the threshold suggests that investors as a whole are moving coins at a loss at the moment. “Long-term holders” (LTHs) are a cohort of Bitcoin investors who hold their coins for at least 155 days before selling or moving them. Here is a chart that shows the trend in the 30-day moving average BTC SOPR over the last several years specifically for these LTHs: The 30-day MA value of the metric seems to have been going down in recent days | Source: CryptoQuant As you can see in the above graph, the 30-day MA Bitcoin LTH SOPR seems to have hit a specific level around the price bottom in each of the previous two cycles. These touches of the level in the loss region didn’t exactly coincide with the cycle lows, but they were still quite close, making them good buying opportunities for the crypto. Related Reading: 2022: The Year Extreme Fear Took Over The Crypto Market In recent months, as the bear has taken over, the indicator’s value has declined below the 1 mark, implying the LTHs have been selling at a loss recently. While the metric has declined deep into the red zone by this point, it’s still not at the level where the historical cycles observed their bottoms. Though, as the chart shows in the bottom, the DPO (an indicator that’s popularly used for finding cycle tops and bottoms of any quantity) of the LTH SOPR has started turning back up recently. Related Reading: Bitcoin Notches Highest Trading Volume In Over 3 Months, Binance Data Shows In the past bear markets, the LTH SOPR reached the bottom level not too long after the DPO reversed trend like this. If a similar pattern follows now as well, it may not be too long until long-term holder loss selling reaches its maximum point. BTC Price At the time of writing, Bitcoin’s price floats around $19.2k, up 1% in the past week. Looks like BTC has been moving sideways again during the last few days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":504316,"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":[428,461,27251,84666,86008,86532,1119,1144],"class_list":["post-504283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bearish","tag-bitcoin-bottom","tag-bitcoin-long-term-holders","tag-bitcoin-lth-sopr","tag-bitcoin-lths","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin 30-Day Long-Term Holder SOPR Is Yet To Hit Bottom Values<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin 30-day long-term holder SOPR hasn't yet reached the historical bottom level during the current cycle. 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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:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin 30-Day Long-Term Holder SOPR Is Yet To Hit Bottom Values","url":"http:\/\/uniquehot.com\/news\/bitcoin-30-long-term-holder-sopr-bottom-values\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-30-long-term-holder-sopr-bottom-values\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/09\/kanchanara-7E3QGntO66M-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/09\/kanchanara-7E3QGntO66M-unsplash-scaled.jpg?fit=2560%2C1703"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bearish","bitcoin bottom","bitcoin long-term holders","bitcoin lth sopr","bitcoin lths","btc","btcusd"],"dateCreated":"2022-09-29T19:00:39Z","datePublished":"2022-09-29T19:00:39Z","dateModified":"2024-06-11T07:26:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin 30-Day Long-Term Holder SOPR Is Yet To Hit Bottom Values\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-30-long-term-holder-sopr-bottom-values\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-30-long-term-holder-sopr-bottom-values\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/kanchanara-7E3QGntO66M-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/kanchanara-7E3QGntO66M-unsplash-scaled.jpg?fit=2560%2C1703\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bearish\",\"bitcoin bottom\",\"bitcoin long-term holders\",\"bitcoin lth sopr\",\"bitcoin lths\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-09-29T19:00:39Z\",\"datePublished\":\"2022-09-29T19:00:39Z\",\"dateModified\":\"2024-06-11T07:26:48Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/09\/kanchanara-7E3QGntO66M-unsplash-scaled.jpg?fit=2560%2C1703","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/504283"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=504283"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/504283\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/504316"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=504283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=504283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=504283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}