The SOPR on-chain indicator shows that traders are dumping bitcoin at a loss, believing that the BTC will continue its the fall.
Bitcoin investors have been selling the asset below the acquisition price for a month now, according to CryptoQuant. Now the asset is being dumped in a panic by traders who bought it at a price of more than $43,000.
SOPR is a financial indicator thatmonitors the result of the sale of an asset. After tracking the chain of movement, the indicator calculates the ratio between the purchase and sale prices. A SOPR value greater than 1 means selling the asset at a profit. SOPR less than 1 indicates selling at a loss.
The last month SOPR did not rise above 1, which accurately characterizes the bearish sentiment and fear in the market. The trend may continue for some time, as it did in May-June 2021.
Over the past month, bitcoin has lost 13% in price and 10% in the last week. Traders continue to panic as the market falls to the psychological $40,000 mark.
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