BTC losses get real as Bitcoin SOPR metric hits lowest since March 2020

BTC CRYPTO_NEWS

Sale price versus price paid diverges the most in over two years — since the last Bitcoin "black swan" event. 

 

Bitcoin sellers are nursing their largest overall losses since March 2020, one on-chain metric suggests.

 

Data from on-chain analytics firm Glassnode confirms that Bitcoin’s spent output profit ratio (SOPR) has now fallen to two-year lows.

 

BTC on-chain losses mount

As Bitcoin holders attempt to pull funds from exchanges into non-custodial wallets, those moving coins around are doing so at multi-year high losses.

SOPR divides the realized value of coins in a spent output by their value at creation. In other words, as Glassnode summarizes, “price sold / price paid.”

As Cointelegraph reported, SOPR fluctuates around 1, and tends to be below that level during Bitcoin bear markets and above it in bull markets.

This is logical, as unrealized losses increase through the bear market phase, leading to relatively larger overall realized losses once coins are sold.

As such, the end of bear markets tends to see lower SOPR. As of Nov. 14, the metric's 7-day moving averag was at 0.9847 — its lowest since the March 2020 COVID-19 cross-market crash.

 

Source : cointelegraph.com/news/btc-losses-get-real-as-bitcoin-sopr-metric-hits-lowest-since-march-2020 by Cointelegraph By William Suberg - November 15, 2022

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