On-chain data shows Bitcoin holders have been selling at large losses on the level of previous bottoms, suggesting that the final capitulation for the cycle may be here.
Bitcoin 7-Day MA aSOPR Has Sharply Gone Down Recently
As pointed out by an analyst in a CryptoQuant post, the BTC market participants may be coming close to surrendering.
The relevant indicator here is the “Spent Output Profit Ratio” (SOPR), which tells us whether Bitcoin investors are selling their coins at a profit or at a loss right now.
When the value of this metric is greater than 1, it means the average holder is moving their coins at a profit currently.
On the other hand, the indicator having values less than the threshold suggests the market