Bitcoin's Spent Output Profit Ratio (SOPR) is currently above 1, indicating that investors are selling at a profit. This could potentially lead to a short-term recovery in Bitcoin's price, according to a CryptoQuant analyst. The analyst also noted that the longevity of the SOPR's current position is similar to the conditions in 2017 and 2019, which led to Bitcoin's previous all-time highs. Meanwhile, the Estimated Leverage Ratio (ELR) has been rising, indicating that investors are taking big bets on Bitcoin's derivative traders despite the current market environment.
All Comments