So, here we are again, folks! Bitcoin is at that oh-so-familiar crossroads where it’s like, “Am I a bear? Am I a bull? Who even knows anymore?” 🐻🐂
Short-Term Holder SOPR: The Ultimate Game of ‘Will They, Won’t They’!
According to our friends at Glassnode (who clearly have nothing better to do), the Bitcoin Spent Output Profit Ratio (SOPR) is currently playing a game of “let’s see if I can break even.” Spoiler alert: it’s not as easy as it sounds! 😅
Now, SOPR is just a fancy way of saying, “Are people selling their Bitcoin for a profit or a loss?” If it’s over 1, we’re popping champagne! If it’s under 1, well, it’s more like a sad, lonely glass of water. 💧
Right now, it’s sitting at 1, which means everyone is just… existing. No profits, no losses, just a big ol’ shrug. “Yay, I’m not losing money!” said no one ever. 🙄
But wait! We’re only talking about the short-term holders (STHs) here—those brave souls who bought their Bitcoin in the last 155 days. You know, the ones who are still figuring out how to use their wallets. 🤑
Check out this chart from Glassnode that shows the 7-day moving average of the STH SOPR. It’s like a rollercoaster, but without the fun. 🎢
As you can see, our dear STHs were taking losses earlier this year, probably crying into their pillows as Bitcoin went on a downward spiral. But now? They’re back at break-even! “Hooray! I can stop crying!” they probably shouted. 🎉
But hold your horses! Breaking above that 1.0 mark is like trying to convince your cat to take a bath—good luck with that! 🐱🚿
When the STH SOPR hits 1, it’s like a lightbulb moment for these investors. They might just rush to sell and get their money back, which is basically the financial equivalent of a toddler throwing a tantrum. 😤
The last time Bitcoin flirted with this level was back in January, and it was a brief romance. Will it find true love this time, or will it just ghost us again? 💔
BTC Price: The Slippery Slope
Meanwhile, Bitcoin has been slipping down the price ladder like it’s auditioning for a role in a soap opera. It’s currently lounging around the $94,500 mark, probably contemplating its life choices. 🥴
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2025-02-25 07:35