Chartoday
Short-Term Holder SOPR Analysis
Introduction: Spent Output Profit Ratio (SOPR) tracks whether coins are sold at more or less profit. Short-term only accounts the coins moved in the last 180 days > Until FTX collapse, short-term holders have been benefiting more and more from the moves BTC was making (creating a bearish divergence). It's clear as well that FTX was a fundamental event and conclusions are not based on this fact. > Comparing the current value to June's low, the SOPR is still quite high, yet price is lower. It's also true that drawdowns in June are larger than the ones in November. > Also note that during this range short-term holders are still selling at a loss. Until this loss flattens out or starts to decrease, BTC probably won't see more moves up. > Altogether, this leaves room for downside in early 2023, or alternatively, for low volatility periods.