{"id":509946,"date":"2022-11-24T16:00:46","date_gmt":"2022-11-24T16:00:46","guid":{"rendered":"https:\/\/uniquehot.com\/?p=509946"},"modified":"2024-06-11T07:50:35","modified_gmt":"2024-06-11T07:50:35","slug":"bitcoin-capitulation-asopr-plunges-dec-2018-lows","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-capitulation-asopr-plunges-dec-2018-lows\/","title":{"rendered":"Bitcoin Capitulation Deepens As aSOPR Metric Plunges To Dec 2018 Lows"},"content":{"rendered":"

On-chain data shows the Bitcoin aSOPR metric has dropped to lows not seen since December 2018, suggesting that holder capitulation is deepening.<\/p>\n

Bitcoin aSOPR Plummets To Lows Not Observed Since Almost 4 Years Ago<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>,\u00a0 the current capitulation is deeper than during both the 2015 bear and the COVID crash.<\/p>\n

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

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

On the other hand, the indicator having values below the threshold implies the average holder is selling at a loss at the moment.<\/p>\n

Related Reading: Bitcoin Closing In On This Bullish Crossover, Relief Finally Ahead?<\/a><\/div>\n

Naturally, the SOPR being exactly equal to 1 suggests the investors as a whole are just breaking even right now.<\/p>\n

A modified version of this metric is the “Adjusted SOPR<\/a>” (aSOPR), which doesn’t take into account any selling of coins that was done within 1 hour of the purchase of said coins. By doing so, the indicator filters any noise from the data that wouldn’t have had any significant consequences on the market.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin aSOPR since the year 2014:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have seen a heavy drawdown in recent days | Source: CryptoQuant<\/a><\/pre>\n
As you can see in the above graph, the Bitcoin aSOPR has observed a rapid downwards trajectory below the 1-level recently. This means that BTC investors have been selling their coins at huge losses.<\/p>\n
The indicator’s value is now the lowest it has been since the December of 2018, when the bear market of the previous cycle saw its bottom.<\/p>\n
Related Reading:  Crypto Market Back To High Correlation As All Indexes Closely Follow Bitcoin<\/a><\/div>\n
These current levels of the metric are also lower than they were during both the 2015 bear market bottom as well as the COVID black swan crash.<\/p>\n
Plummets in the aSOPR like the one now indicate that there is widespread capitulation going in the Bitcoin market. Such deep loss realizations have historically lead to the formation of lows in the price as they result in a shift in coins from weak hands to strong hands.<\/p>\n
Since the indicator is currently at historical lows, it’s possible the market is approaching a bottom for this cycle. However, it’s worth noting that the 2018 bottom saw even deeper values than now, so it’s uncertain whether the current cycle will also see similar lows or not, before the true bottom is in.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin’s price<\/a> floats around $16.5k, up 1% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has shown strong uptrend in the last two days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from \u611a\u6728\u6df7\u682a cdd20 on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Bitcoin aSOPR metric has dropped to lows not seen since December 2018, suggesting that holder capitulation is deepening. Bitcoin aSOPR Plummets To Lows Not Observed Since Almost 4 Years Ago As pointed out by an analyst in a CryptoQuant post,\u00a0 the current capitulation is deeper than during both the 2015 bear and the COVID crash. The “Spent Output Profit Ratio” (or the SOPR in short) is an indicator that tells us whether Bitcoin investors are selling at a loss or at a profit right now. When the value of this metric is greater than 1, it means the overall market is realizing some amount of profit currently. On the other hand, the indicator having values below the threshold implies the average holder is selling at a loss at the moment. Related Reading: Bitcoin Closing In On This Bullish Crossover, Relief Finally Ahead? Naturally, the SOPR being exactly equal to 1 suggests the investors as a whole are just breaking even right now. A modified version of this metric is the “Adjusted SOPR” (aSOPR), which doesn’t take into account any selling of coins that was done within 1 hour of the purchase of said coins. By doing so, the indicator filters any noise from the data that wouldn’t have had any significant consequences on the market. Now, here is a chart that shows the trend in the Bitcoin aSOPR since the year 2014: The value of the metric seems to have seen a heavy drawdown in recent days | Source: CryptoQuant As you can see in the above graph, the Bitcoin aSOPR has observed a rapid downwards trajectory below the 1-level recently. This means that BTC investors have been selling their coins at huge losses. The indicator’s value is now the lowest it has been since the December of 2018, when the bear market of the previous cycle saw its bottom. Related Reading: Crypto Market Back To High Correlation As All Indexes Closely Follow Bitcoin These current levels of the metric are also lower than they were during both the 2015 bear market bottom as well as the COVID black swan crash. Plummets in the aSOPR like the one now indicate that there is widespread capitulation going in the Bitcoin market. Such deep loss realizations have historically lead to the formation of lows in the price as they result in a shift in coins from weak hands to strong hands. Since the indicator is currently at historical lows, it’s possible the market is approaching a bottom for this cycle. However, it’s worth noting that the 2018 bottom saw even deeper values than now, so it’s uncertain whether the current cycle will also see similar lows or not, before the true bottom is in. BTC Price At the time of writing, Bitcoin’s price floats around $16.5k, up 1% in the last week. BTC has shown strong uptrend in the last two days | Source: BTCUSD on TradingView Featured image from \u611a\u6728\u6df7\u682a cdd20 on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":509958,"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":[428,86574,27251,83676,5371,1119,1144],"class_list":["post-509946","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-asopr","tag-bitcoin-bottom","tag-bitcoin-capitulation","tag-bitcoin-losses","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Capitulation Deepens As aSOPR Metric Plunges To Dec 2018 Lows<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin aSOPR metric has dropped to lows not seen since December 2018, suggesting that holder capitulation is deepening. 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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 Capitulation Deepens As aSOPR Metric Plunges To Dec 2018 Lows","url":"http:\/\/uniquehot.com\/news\/bitcoin-capitulation-asopr-plunges-dec-2018-lows\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-capitulation-asopr-plunges-dec-2018-lows\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/cdd20-wNnGHhZ9QHA-unsplash-2-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/cdd20-wNnGHhZ9QHA-unsplash-2-scaled.jpg?fit=1707%2C2560"},"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 asopr","bitcoin bottom","bitcoin capitulation","bitcoin losses","btc","btcusd"],"dateCreated":"2022-11-24T16:00:46Z","datePublished":"2022-11-24T16:00:46Z","dateModified":"2024-06-11T07:50:35Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Capitulation Deepens As aSOPR Metric Plunges To Dec 2018 Lows\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-capitulation-asopr-plunges-dec-2018-lows\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-capitulation-asopr-plunges-dec-2018-lows\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/cdd20-wNnGHhZ9QHA-unsplash-2-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/cdd20-wNnGHhZ9QHA-unsplash-2-scaled.jpg?fit=1707%2C2560\"},\"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 asopr\",\"bitcoin bottom\",\"bitcoin capitulation\",\"bitcoin losses\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-11-24T16:00:46Z\",\"datePublished\":\"2022-11-24T16:00:46Z\",\"dateModified\":\"2024-06-11T07:50:35Z\"}<\/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\/11\/cdd20-wNnGHhZ9QHA-unsplash-2-scaled.jpg?fit=1707%2C2560","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/509946"}],"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=509946"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/509946\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/509958"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=509946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=509946"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=509946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}