The recent drop in Bitcoin's value below $30,000 has impacted the profits of Short-Term Holders (STH), with their Spent Output Profit Ratio (SOPR) operating near 1. This means that current sellers are making little to no gains, despite the SOPR range supposed to act as a support zone following a bullish period. However, the relatively low SOPR ratio of 1.38 suggests that BTC could be considered closer to the bottom than the top, and STH are still making relatively close profits to Long-Term Holders (LTH). Additionally, the Market Value to Realized Value (MVRV) long/short difference is positive, indicating that STH will still make more gains than LTH.
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