• Advertise
  • Submit a Press Release
  • About Us
NewsBTC

Bitcoin & cryptocurrency news

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
Bitcoin

Bitcoin Short-Term Holder Profit Taking Reaches Levels Not Seen Since Nov. 2021

Keshav Verma by Keshav Verma
10 months ago
in Bitcoin
Reading Time: 3 mins read

On-chain data shows the Bitcoin short-term holder profit-taking has reached high levels not seen since the November of 2021.

Bitcoin Short-Term Holder SOPR Has Shot Up Recently

As pointed out by an analyst in a CryptoQuant post, a near-term top usually becomes more probable when this trend forms for BTC. The relevant indicator here is the “Spent Output Profit Ratio” (SOPR), which tells us whether the average Bitcoin investor is selling at a loss or at a profit right now.

When the value of this metric is greater than 1, it means the holders as a whole are realizing some profit on their selling currently. On the other hand, values below the threshold suggest the overall market is selling at some loss at the moment.

Naturally, the indicator having a value exactly equal to 1 would suggest the average investor is just breaking even right now as the total amount of profits being realized in the market is equal to the losses currently.

The SOPR here covers the entire market, but the metric can also be modified to cover only certain segments of the market. One major part of the sector is made up of the “short-term holders” (STH) which is a cohort that includes all investors that acquired their coins within the last 155 days.

Now, here is a chart that shows the trend in the 30-day moving average (MA) Bitcoin SOPR specifically for these STHs over the last several years:

Bitcoin STH SOPR

The 30-day MA value of the metric seems to have seen some rise in recent days | Source: CryptoQuant

As displayed in the above graph, the 30-day MA Bitcoin STH SOPR had been below a value of 1 throughout the 2022 bear market, implying that these investors had been selling at a loss during this period.

Related Reading: Stablecoin Supply Approaches Death Cross, Bad News For Bitcoin?

The quant has also marked previous instances of such a trend with the green boxes in the BTC price chart. It looks like this trend was also observed during bearish periods of the past cycles.

Recently, with the latest rally, the metric has sharply climbed and broken out of this zone, as its value is above 1 now. This suggests that there is more profit harvesting happening from this cohort than loss realization currently.

This makes sense as prices right now are significantly higher than they were during the last 155 days window, which is when the STHs would have bought their coins, so these holders must be in some decent profits currently.

As the rally has continued, the STHs seem to have rapidly ramped up their profit-taking as well, since the SOPR indicator for them has also continued to shoot up. The level of their profit realization is now comparable to that seen in November 2021, when Bitcoin set its all-time high.

Related Reading: FED To Put Off Interest Rate Hikes, Bitcoin Rallies: Here’s Why

As for what this current profit-taking may imply for BTC, the analyst explains, “when retail starts to get euphoric, the probability of a near-term price top starts to increase.”

BTC Price

At the time of writing, Bitcoin is trading around $23,800, up 3% in the last week.

Bitcoin Price Chart

Looks like BTC has risen in the past day | Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com
Tags: bitcoinbitcoin bearishBitcoin Profit-TakingBitcoin short-term holdersBitcoin SOPRBitcoin STH SOPRbtcbtcusd
Tweet123Share196ShareSend
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He completed a bachelor's in physics in 2022. Keshav is enthusiastic about the cryptocurrency industry and holds an active interest in on-chain analysis. His hobbies include gaming, anime, and football.

Related Posts

crypto

Banking Giant CEO Trashes Crypto – Again – And Warns Of Ban: Here’s Why

2 hours ago
Bitcoin fractal

Bitcoin Bullish Fractal Returns: Analyst Predicts Another Leg-Up With Price Target

7 hours ago
Bitcoin Greed

Bitcoin Pushes Into Extreme Greed, What You Should Expect From Here

9 hours ago
Bitcoin

Former FTX US President Says Bitcoin Spot ETF Will Come In 2024, Gives Price Targets

12 hours ago
Bitcoin whales Small

Bitcoin Bull Rally Is Far From Over According To These Large Whales

18 hours ago
Bitcoin

Bitcoin Bulldozes Past $44,000 – Is $45K Next This Week?

23 hours ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit
Inmerion

Inmerion

Review · Visit

Press Releases

  • Here’s Five Reasons Why Investors Are Rushing To...

    13 hours ago
  • Bitcoin Blasts Towards $50K as This New Presale Eyes $500K

    18 hours ago
  • Market Buzz: Could This Newcomer Surpass Dogecoin and PEPE...

    18 hours ago
  • VC Spectra’s Stage 5 Launch Rockets Past...

    24 hours ago
  • Beyond Ethereum (ETH): Crypto Enthusiasts Whisper About the...

    2 days ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best Crypto Casino

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.