On-chain data shows the Bitcoin aSOPR indicator has found resistance at the historical junction between bull and bear markets. Bitcoin aSOPR Fails Retest Of The “Value=1” Line As pointed out by an analyst in a CryptoQuant post, the BTC aSOPR has been rejected from the breakeven mark recently. The “Spent Output Profit Ratio” (or SOPR in short) is an indicator that tells us whether Bitcoin investors are selling at a loss or at a profit right now. The metric works by looking at the on-chain history of each coin being sold to see what price it was last moved at. If the previous selling price of any coin was less than the current value of BTC, then that particular coin has just been sold at a profit. While if it’s otherwise, then the coin realized some loss. Related Reading: Ethereum Investors Close 300k Long Positions on Bitfinex, Rally To Stop Soon? A modified version of this indicator, the “Adjusted SOPR” (aSOPR), excludes from its calculations all those coins that were held for less than 1 hour before being sold. The benefit of this modification is that it removes all noise from the data that wouldn’t have had any significant implications on the market. Now, here is a chart that shows the trend in the Bitcoin aSOPR over the past coupe of years: Looks like the value of the metric has been below one in recent days | Source: CryptoQuant When the value of the aSOPR is greater tha...
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