Bitcoin Shaking Out Weak Hands as Battle for $10,000 Continues: Data
Bitcoin's Spent Output Profit Ratio (SOPR), the metric that determines the profit ratio of BTC moved on-chain, has dipped below 1 for the first time since April, according to data provided by Glassnode.
Cryptocurrency analyst Rafael Schultze-Kraft says that the market is already shaking out some weak hands.
As explained by on-chain researcher Renato Shirakashi, the creator of the SOPR indicator, it simply divides the realized value by the dollar value of every created output.
When SOPR drops below 1, it means that holders are cashing out their BTC at a loss during a market downturn.
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