Bitcoin Still Depends On These Investors! -Glassnode

A leading crypto analytics firm, bitcoin He stated that (BTC) investors are not in any danger as they have surrendered to long-term holders.

glassnodeThe Long-Term Owner Spent Output Profit Ratio (LTH-SOPR) measures the rate of profit provided by wallet addresses that hold Bitcoin for longer than 155 days.

“When LTH-SOPR is less than one, these investors realize their losses or sell their tokens by selling below cost. LTH-SOPR is currently trading at 0.67, which means that the average LTH spending on cryptocurrencies is locked at a 33% loss.”

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Bitcoin is trading around $19,800 at the time of writing. The largest crypto-asset by market cap has dropped more than 4% in the past 24 hours.

According to the analytics firm, the cost basis of long-term investors is used to measure the average long-term address paid for Bitcoin.

LTH-SOPRAt a current value of 0.67 and an LTH-Cost Basis of $22,300, this means that while spot prices are only ~6% below their cost basis, long-term investors (LTH) are losing -33% for every coin they spend. This shows that LTHs buying coins at a much higher price are currently the primary spenders, and those still holding coins from the 2017-20 period (or before) are largely tight-fitting.”

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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