• Bitcoin’s SOPR could repeat history, helping investors stay profitable
• ELR indicated renewed interest in opening BTC derivative contracts 

Expecting a short-term Bitcoin [BTC] recovery is something that many market participants may not hope for. However, a pseudonymous CryptoQuant analyst Crazzyblockk has opined that it is not impossible.

How much are 1,10,100 BTCs worth today?

According to the analyst, the position of the Spent Output Profit Ratio (SOPR) offers this potential. As a macro market sentiment indicator, the SOPR measures the degree of realized profits moved on-chain.

BTC: Offering an advantage to holders

Values over 1 of the SOPR suggest that investors are selling at a profit. On the other hand, SOPR values below 1 indicate average selling at a loss. And, at press time, the value of the metric was above.

However, Crazzyblockk’s argument is the longevity that the metric has had in its current position. In fact, the datasets revealed that Bitcoin’s SOPR has stayed above the value since March. 

This led the analyst to compare the state in 2017 and 2019 with the SOPR at press time. 

Go to Source to See Full Article
Author: Victor Olanrewaju

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