- Bitcoin holders have begun to sell at a loss after an extended period of making a profit.
- Key technical indicators showed that the bears are in control of the market.
Bitcoin’s [BTC] Adjusted Spent Output Profit Ratio (aSOPR) has fallen below 1 for the first time since October 2023, according to CryptoQuant data. This indicates that, on average, investors are now selling their holdings at a loss.
BTC’s aSOPR measures the profit or loss realized when the coin is spent by its holders. An aSOPR value above 1 signifies that coins are being sold at a profit overall. Conversely, a value below 1 suggests that investors are selling at a loss.
Recent surge in profit-taking activity
BTC’s recent price slip under $61,500 has led to a significant surge in sell-offs amongst its holders. According to CryptoQuant’s data, the market has seen a rise in BTC’s supply on exchanges. Its exchange reserve has spiked by 1% in the past seven days.
As of this writing, 2.006 million BTC were held across cryptocurrency exchanges. When an asset’s reserve climbs this way, it suggests a rally in selling pressure.
Miners have also distributed their holdings to cut losses, causing their reserve to plunge to a three-year low. The recent decline in BTC’s price has led to a steady decrease in miner revenue from fees, making coin distribution a more suitable option for network miners.
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Author: Abiodun Oladokun
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