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, 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