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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Long-Term Holder Loss-Taking Now Highest Since 2019

Keshav Verma
Keshav Verma
1 year ago
3 mins read

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On-chain data shows Bitcoin long-term holder SOPR has reached the deepest value since 2019, suggesting this cohort has been realizing some heavy losses recently.

Bitcoin Long-Term Holder SOPR Continues To Trend Down

As pointed out by an analyst in a CryptoQuant post, BTC long-term holders are currently realizing the largest amount of losses since 2019.

The “spent output profit ratio” (or SOPR in brief) is an indicator that tells us whether Bitcoin investors are selling at a profit or at a loss right now.

The metric works by checking through the transaction history of each coin being sold to see what price it was moved at before.

If the last selling price of any coin was more than the current one, then that particular coin realized some amount of loss. While if the previous value was less than the one now, then the coin naturally moved at a profit.

When the value of the SOPR is greater than one, it means the investors as a whole are selling at a profit right now.

Related Reading | Bitcoin Derivatives Exchange Reserve Surges Up As BTC Continues To Plunge

On the other hand, values of the ratio being less than one imply the overall market is realizing a loss at the moment.

The “long-term holder” (LTH) group includes all those investors who held their coins for at least 155 days before selling or moving them.

Now, here is a chart that shows the trend in the Bitcoin SOPR specifically for these LTHs:

Bitcoin Long-Term Holder SOPR

The value of the metric seems to have been going down in recent weeks | Source: CryptoQuant

As you can see in the above graph, the Bitcoin LTH SOPR has been below one recently, and its value has been declining further.

This means that in response to the latest crash in the price of the crypto, these hodlers have panicked and started selling at a loss.

Related Reading | TA: Bitcoin Recovery Stalls Near Key Juncture, Key Resistance Intact

Most recently, the value of the metric touched lows not observed since way back in 2019. This suggests that right now the LTH cohort is harvesting the largest amount of losses in more than three years.

The long-term holders realizing such high losses may be a sign that the bottom could be coming closer for Bitcoin.

BTC Price

At the time of writing, Bitcoin’s price floats around $20.7k, down 12% in the last seven days. Over the past month, the crypto has lost 31% in value.

The below chart shows the trend in the price of the coin over the last five days.

Bitcoin Price Chart

Looks like the value of the crypto has rebounded back over the last couple of days | Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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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’s 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’t 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’t 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.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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