{"id":518427,"date":"2023-02-02T14:00:20","date_gmt":"2023-02-02T14:00:20","guid":{"rendered":"https:\/\/ktsl888.com\/?p=518427"},"modified":"2024-06-11T10:35:23","modified_gmt":"2024-06-11T10:35:23","slug":"bitcoin-short-term-holder-profit-nov-2021","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-short-term-holder-profit-nov-2021\/","title":{"rendered":"Bitcoin Short-Term Holder Profit Taking Reaches Levels Not Seen Since Nov. 2021"},"content":{"rendered":"

On-chain data shows the Bitcoin short-term holder profit-taking has reached high levels not seen since the November of 2021.<\/p>\n

Bitcoin Short-Term Holder SOPR Has Shot Up Recently<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, a near-term top usually becomes more probable when this trend forms for BTC. The relevant indicator here is the “Spent Output Profit Ratio<\/a>” (SOPR), which tells us whether the average Bitcoin investor is selling at a loss or at a profit right now.<\/p>\n

When the value of this metric is greater than 1, it means the holders as a whole are realizing some profit on their selling currently. On the other hand, values below the threshold suggest the overall market is selling at some loss at the moment.<\/p>\n

Naturally, the indicator having a value exactly equal to 1 would suggest the average investor is just breaking even right now as the total amount of profits being realized in the market is equal to the losses currently.<\/p>\n

The SOPR here covers the entire market, but the metric can also be modified to cover only certain segments of the market. One major part of the sector is made up of the “short-term holders<\/a>” (STH) which is a cohort that includes all investors that acquired their coins within the last 155 days.<\/p>\n

Now, here is a chart that shows the trend in the 30-day moving average (MA) Bitcoin SOPR specifically for these STHs over the last several years:<\/p>\n

\"Bitcoin<\/p>\n

The 30-day MA value of the metric seems to have seen some rise in recent days | Source: CryptoQuant<\/a><\/pre>\n
As displayed in the above graph, the 30-day MA Bitcoin STH SOPR had been below a value of 1 throughout the 2022 bear market, implying that these investors had been selling at a loss during this period.<\/p>\n
Related Reading: Stablecoin Supply Approaches Death Cross, Bad News For Bitcoin?<\/a><\/div>\n
The quant has also marked previous instances of such a trend with the green boxes in the BTC price chart. It looks like this trend was also observed during bearish periods of the past cycles.<\/p>\n
Recently, with the latest rally<\/a>, the metric has sharply climbed and broken out of this zone, as its value is above 1 now. This suggests that there is more profit harvesting happening from this cohort than loss realization currently.<\/p>\n
This makes sense as prices right now are significantly higher than they were during the last 155 days window, which is when the STHs would have bought their coins, so these holders must be in some decent profits currently.<\/p>\n
As the rally has continued, the STHs seem to have rapidly ramped up their profit-taking as well, since the SOPR indicator for them has also continued to shoot up. The level of their profit realization is now comparable to that seen in November 2021, when Bitcoin set its all-time high.<\/p>\n
Related Reading: FED To Put Off Interest Rate Hikes, Bitcoin Rallies: Here\u2019s Why<\/a><\/div>\n
As for what this current profit-taking may imply for BTC, the analyst explains, “when retail starts to get euphoric, the probability of a near-term price top starts to increase.”<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $23,800, up 3% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like BTC has risen in the past day | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Bitcoin short-term holder profit-taking has reached high levels not seen since the November of 2021. Bitcoin Short-Term Holder SOPR Has Shot Up Recently As pointed out by an analyst in a CryptoQuant post, a near-term top usually becomes more probable when this trend forms for BTC. The relevant indicator here is the “Spent Output Profit Ratio” (SOPR), which tells us whether the average Bitcoin investor is selling at a loss or at a profit right now. When the value of this metric is greater than 1, it means the holders as a whole are realizing some profit on their selling currently. On the other hand, values below the threshold suggest the overall market is selling at some loss at the moment. Naturally, the indicator having a value exactly equal to 1 would suggest the average investor is just breaking even right now as the total amount of profits being realized in the market is equal to the losses currently. The SOPR here covers the entire market, but the metric can also be modified to cover only certain segments of the market. One major part of the sector is made up of the “short-term holders” (STH) which is a cohort that includes all investors that acquired their coins within the last 155 days. Now, here is a chart that shows the trend in the 30-day moving average (MA) Bitcoin SOPR specifically for these STHs over the last several years: The 30-day MA value of the metric seems to have seen some rise in recent days | Source: CryptoQuant As displayed in the above graph, the 30-day MA Bitcoin STH SOPR had been below a value of 1 throughout the 2022 bear market, implying that these investors had been selling at a loss during this period. Related Reading: Stablecoin Supply Approaches Death Cross, Bad News For Bitcoin? The quant has also marked previous instances of such a trend with the green boxes in the BTC price chart. It looks like this trend was also observed during bearish periods of the past cycles. Recently, with the latest rally, the metric has sharply climbed and broken out of this zone, as its value is above 1 now. This suggests that there is more profit harvesting happening from this cohort than loss realization currently. This makes sense as prices right now are significantly higher than they were during the last 155 days window, which is when the STHs would have bought their coins, so these holders must be in some decent profits currently. As the rally has continued, the STHs seem to have rapidly ramped up their profit-taking as well, since the SOPR indicator for them has also continued to shoot up. The level of their profit realization is now comparable to that seen in November 2021, when Bitcoin set its all-time high. Related Reading: FED To Put Off Interest Rate Hikes, Bitcoin Rallies: Here\u2019s Why As for what this current profit-taking may imply for BTC, the analyst explains, “when retail starts to get euphoric, the probability of a near-term price top starts to increase.” BTC Price At the time of writing, Bitcoin is trading around $23,800, up 3% in the last week. Looks like BTC has risen in the past day | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":518453,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,461,85496,84852,84438,85802,1119,1144],"class_list":["post-518427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bearish","tag-bitcoin-profit-taking","tag-bitcoin-short-term-holders","tag-bitcoin-sopr","tag-bitcoin-sth-sopr","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Short-Term Holder Profit Taking Reaches Levels Not Seen Since Nov. 2021<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin short-term holder profit-taking has reached high levels not seen since the November of 2021. 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Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Short-Term Holder Profit Taking Reaches Levels Not Seen Since Nov. 2021","url":"http:\/\/ktsl888.com\/news\/bitcoin-short-term-holder-profit-nov-2021\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-short-term-holder-profit-nov-2021\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/kanchanara-Lta5b8mPytw-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/kanchanara-Lta5b8mPytw-unsplash-scaled.jpg?fit=2560%2C1703"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bearish","bitcoin profit-taking","bitcoin short-term holders","bitcoin sopr","bitcoin sth sopr","btc","btcusd"],"dateCreated":"2023-02-02T14:00:20Z","datePublished":"2023-02-02T14:00:20Z","dateModified":"2024-06-11T10:35:23Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Short-Term Holder Profit Taking Reaches Levels Not Seen Since Nov. 2021\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-short-term-holder-profit-nov-2021\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-short-term-holder-profit-nov-2021\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/kanchanara-Lta5b8mPytw-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/kanchanara-Lta5b8mPytw-unsplash-scaled.jpg?fit=2560%2C1703\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bearish\",\"bitcoin profit-taking\",\"bitcoin short-term holders\",\"bitcoin sopr\",\"bitcoin sth sopr\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-02-02T14:00:20Z\",\"datePublished\":\"2023-02-02T14:00:20Z\",\"dateModified\":\"2024-06-11T10:35:23Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/kanchanara-Lta5b8mPytw-unsplash-scaled.jpg?fit=2560%2C1703","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/518427"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=518427"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/518427\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/518453"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=518427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=518427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=518427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}