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In September, the Bitcoin Spent Exit Profit Ratio (SOPR) dropped to the levels recorded at the end of 2018.
Employees of the research company Glassnode reported that against the backdrop of a protracted bearish trend that has dominated the BTC market since November 2021, hodlers began to sell coins at a price on average 42% lower than the price they were bought for.
It turns out that investors suffered a loss of 42%, recently getting rid of coins at a rate of about $ 18,400, purchased for about $ 32,000.
Due to the fall in the price of bitcoin, the seven-day SOPR moving average line began to move down in the spring of 2021. In the summer of this year, it crossed the 1 mark, which means parity between profit and loss, and by the end of September it had fallen to about 0.5. This indicates that most traders sell coins to their own detriment.
The dynamics of changes in the rate of bitcoin and SOPR
In 2018, the price of bitcoin began to rise shortly after the SOPR fell to 0.5. During a powerful pump, in about six months, the cryptocurrency has more than tripled in price. Drawing an analogy, we can assume that a reversal in the BTC market is just around the corner.
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