The Bitcoin long-term holder SOPR may suggest that the crypto has still only gone one-third of the way through the latest bear market.
Bitcoin 20-day SMA Long-Term Holder SOPR Has Only Been 86 Days Into Bottoming Zone
As pointed out by an analyst in a CryptoQuant post, the crypto is still only 1/3rd of the way into the 260 days average historical bottoming period.
The relevant indicator here is the “Spent Output Profit Ratio” (or SOPR in brief), which tells us about whether the average Bitcoin investor is selling at a profit or at a loss right now.
The metric works by looking at the history of each coin being sold on the chain to see what price it was last moved at. If this