• Coins
    • Bitcoin
    • Dogecoin
    • Ethereum
    • Litecoin
    • Ripple
    • Tron
    • NFT
  • Cryptonews
  • Blockchain
  • Metaverse
  • Regulation
  • Market Cap
What's Hot

Why Bitcoin Could Emerge As Multi-Trillion Dollar Market

02/01/2023

Premier League Signs NFT Deal With This Ethereum-based Game

02/01/2023

Time To Sell Bitcoin And Crypto? Michael Burry Tweets ‘Sell’

02/01/2023

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Facebook Twitter Instagram
Trending
  • Why Bitcoin Could Emerge As Multi-Trillion Dollar Market
  • Premier League Signs NFT Deal With This Ethereum-based Game
  • Time To Sell Bitcoin And Crypto? Michael Burry Tweets ‘Sell’
  • Stablecoin Supply Approaches Death Cross, Bad News For Bitcoin?
  • US lawmakers renew request for answers from Silvergate on FTX: Report
  • Best Non-Fungible Token (NFTs) For Beginners; Start Your NFT Journey Today
  • Djed goes live on Mainnet, beginning a new era of stablecoins
  • Bitcoin Ready To Break Trough $24K, Vital Signs Provide Clues
Facebook Twitter Instagram
Center Crypto NewsCenter Crypto News
Demo
  • Coins
    1. Bitcoin
    2. Dogecoin
    3. Ethereum
    4. Litecoin
    5. Ripple
    6. Tron
    7. NFT
    8. View All

    Why Bitcoin Could Emerge As Multi-Trillion Dollar Market

    02/01/2023

    Time To Sell Bitcoin And Crypto? Michael Burry Tweets ‘Sell’

    02/01/2023

    Stablecoin Supply Approaches Death Cross, Bad News For Bitcoin?

    02/01/2023

    Bitcoin Ready To Break Trough $24K, Vital Signs Provide Clues

    02/01/2023

    Will DOGE reach $1 in 2023?

    01/31/2023

    Will Dogecoin (DOGE) break the long-term support of $0.05?

    12/19/2022

    Dogecoin surges 9%; Will DOGE outperform other altcoins?

    11/29/2022

    Dogecoin (DOGE) takes support from the 200 EMA curve!

    11/21/2022

    Total Ethereum Staked On Lido Finance Reaches New Milestone

    02/01/2023

    Ethereum Hovers Above $1,600, What’s The Next Move?

    01/26/2023

    Number Of New Ethereum Validators Remains Flat Ahead Of Shanghai Upgrade

    01/25/2023

    Here’s What Might Have Triggered Ethereum’s Decline Below $1,600

    01/25/2023

    LTC is all set to surpass the $100 mark!

    01/31/2023

    Can Litecoin (LTC) surpass the $82 mark in the third attempt?

    01/12/2023

    Litecoin (LTC) outperforms its peers and showcases huge potential!

    01/04/2023

    Litecoin lacks a buying spree; Support remains relatively stronger

    12/08/2022

    SEC settles on security claim in LBRY case; community calls it a big win for crypto

    01/31/2023

    New Ripple president says her job is to continue to scale amid crypto winter

    01/27/2023

    Circle, Ripple reflect on Davos 2023

    01/26/2023

    Ripple, Binance impersonators target XRP holders via fake staking program

    01/25/2023

    Is it time for a long position in TRX?

    02/01/2023

    TRON spikes 5% today: Can TRX breakout continue?

    01/09/2023

    TRON is likely to regain its previous support of $0.06

    12/15/2022

    TRON (TRX) price plunge may be on the horizon

    12/08/2022

    Premier League Signs NFT Deal With This Ethereum-based Game

    02/01/2023

    Best Non-Fungible Token (NFTs) For Beginners; Start Your NFT Journey Today

    02/01/2023

    Amazon Likely to Unveil Its NFT Initiative This April 2023

    01/31/2023

    5 Best PFP NFTs Avatars To Look Out For In 2023

    01/23/2023

    Why Bitcoin Could Emerge As Multi-Trillion Dollar Market

    02/01/2023

    Premier League Signs NFT Deal With This Ethereum-based Game

    02/01/2023

    Time To Sell Bitcoin And Crypto? Michael Burry Tweets ‘Sell’

    02/01/2023

    Stablecoin Supply Approaches Death Cross, Bad News For Bitcoin?

    02/01/2023
  • Cryptonews

    ENS Domains can now be accessed via OVER’s Marketplace

    02/01/2023

    Orbeon Protocol, ApeCoin and Shiba Inu

    01/31/2023

    FlokiFi locker crosses $9 million in TVL

    01/30/2023

    NeuralNet Bot goes live on Tafabot

    01/27/2023

    dYdX Foundation postpones the initial release date of tokens to investors

    01/27/2023
  • Blockchain

    Djed goes live on Mainnet, beginning a new era of stablecoins

    02/01/2023

    Aave deploys V3 on Ethereum mainnet to mitigate user risk

    01/30/2023

    COTI makes an invaluable contribution to the boosting of Djed

    01/30/2023

    Moonbeam Foundation gets a new Kusama parachain lease

    01/27/2023

    Ethereum’s devs place shadow fork to back ETH withdrawals

    01/25/2023
  • Metaverse

    How AI can make the metaverse a more interactive space

    01/31/2023

    World’s Biggest Demo Drop in The Sandbox

    01/31/2023

    Irish Distillers Make Bold Move Into The Metaverse

    01/30/2023

    The metaverse is creating a new virtual marketplace for retail brands

    01/27/2023

    Here’s how the World Economic Forum leaps into the metaverse — Davos 2023

    01/27/2023
  • Regulation

    US lawmakers renew request for answers from Silvergate on FTX: Report

    02/01/2023

    Panama’s Supreme Court to rule on cryptocurrency legislation

    01/30/2023

    CFTC’s Johnson urges Congress to expand commission’s crypto oversight powers

    01/28/2023

    Genesis sues Roger Ver for $20M over unsettled crypto options trades

    01/26/2023

    NYDFS advises crypto firms not to commingle user and corporate funds in the event of insolvency

    01/24/2023
  • Market Cap
Center Crypto NewsCenter Crypto News
Home»Coins»Bitcoin»Bitcoin Declines Slightly As Short-Term Holders Take Profits
Bitcoin

Bitcoin Declines Slightly As Short-Term Holders Take Profits

By 10/29/2022No Comments0 Views
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email


After surging to as high as $20.9k, Bitcoin has today observed a slight decline back into the low $20k levels as a result of profit taking from short-term holders.

Bitcoin Short-Term Holder SOPR Has Been Elevated Over The Past Two Days

As pointed out by an analyst in a CryptoQuant post, the short-term holders seem to be using the latest price rise for profit taking.

The relevant indicator here is the “Spent Output Profit Ratio” (SOPR), which tells us whether the average investor is selling Bitcoin at a profit or at a loss 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, values below the threshold suggest the holders as a whole are selling at a loss

Naturally, values of the SOPR exactly equal to one suggest that the investors are just breaking even on their selling at the moment.

Now, there is a cohort in the Bitcoin market called the “short-term holders” (STHs), which includes all investors who have been holding their coins since less than 155 days ago.

Here is a chart that shows the trend in the BTC SOPR specifically for this holder group over the last couple of weeks:

The value of the metric seems to have spiked up in recent days | Source: CryptoQuant

As you can see in the above graph, the Bitcoin STH SOPR has been elevated above the 1 level during the last two days or so.

This rise has coincided with the BTC price finally surging up after moving sideways around $19k for a long while. This suggests that these investors are using this opportunity to harvest some profits.

Such profit-taking is generally bearish for the price of the crypto, and as the chart displays, there were three instances of this kind of trend during the past two weeks. All of those profit realization sprees from the STHs resulted in the price going back down after a short-term rise.

This time as well the BTC price has gone down from its high of $20.9k to as low as below $20.1k. before retracing back up some to the current level.

BTC Price

At the time of writing, Bitcoin’s price floats around $20.5k, up 8% in the last seven days. Over the past month, the crypto has gained 7% in value.

Below is a chart that 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 gone down over the last couple of days | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email

Related Posts

Why Bitcoin Could Emerge As Multi-Trillion Dollar Market

02/01/2023

Time To Sell Bitcoin And Crypto? Michael Burry Tweets ‘Sell’

02/01/2023

Stablecoin Supply Approaches Death Cross, Bad News For Bitcoin?

02/01/2023

Leave A Reply Cancel Reply

Top Posts
Bitcoin

Why Bitcoin Could Emerge As Multi-Trillion Dollar Market

02/01/2023
Bitcoin

Time To Sell Bitcoin And Crypto? Michael Burry Tweets ‘Sell’

02/01/2023
Bitcoin

Stablecoin Supply Approaches Death Cross, Bad News For Bitcoin?

02/01/2023

Subscribe to Updates

Get the latest Hot news from Center Crypto about Bitcoin, Altcoin, NFT, Market Updates Etc

Advertisement
Demo
Stay In Touch
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • YouTube
  • Vimeo

Your source for the serious news. This website is crafted specifically to for crazy and hot cryptonews. Visit our main page for more tons of news.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest YouTube
Top Insights

Why Bitcoin Could Emerge As Multi-Trillion Dollar Market

02/01/2023

Premier League Signs NFT Deal With This Ethereum-based Game

02/01/2023

Time To Sell Bitcoin And Crypto? Michael Burry Tweets ‘Sell’

02/01/2023
Get Informed

Subscribe to Updates

Get the latest Hot news from Center Crypto about Bitcoin, Altcoin, NFT, Market Updates Etc

© 2023 ThemeSphere. Designed by ThemeSphere.
  • Terms & Conditions
  • Contact
  • Privacy Policy
  • DMCA

Type above and press Enter to search. Press Esc to cancel.