Blockchain data suggests that short-term holders of Bitcoin are moving their coins at a profit, with the seven-day moving average of the short-term holder's spent output profit ratio (SOPR) recently moving above 1. This is seen as a bullish sign for near-term price action, as it shows capitulation from short-term holders. The short-term holder SOPR is calculated by dividing the realized dollar value of a spent output by the value at output creation to reflect the degree of realized profit for all coins moved on-chain. Bitcoin has rallied over 68% this year and is currently trading near $27,900.
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