[Analysis] "Bitcoin SORP Ratio, Lowest Level This Year…Suggests Selling Pressure Is Exhausting"
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Summary
- An analysis said that Bitcoin (BTC)'s selling pressure is being exhausted.
- Crypto Onchain said SOPR ratio fell to 1.35, fully resetting the market's profitability.
- Confirmation of the indicator's low suggests the market may be forming a bottom, and a reversal could serve as a stepping stone for the next upswing.
An analysis said that Bitcoin (BTC)'s selling pressure is being exhausted.
On the 6th (KST), Crypto Onchain shared a chart on X (formerly Twitter) and said, "Bitcoin's SOPR ratio has fallen to 1.35, fully resetting the market's profitability," adding, "this is the lowest level since early 2024." It added, "Such an indicator means that the excessive profit-taking phase among long-term holders is disappearing," and "selling pressure appears to be exhausting."
The SORP ratio is an indicator that determines whether the market is in profit or loss based on the gains investors obtain from selling virtual assets such as Bitcoin. A high SOPR means investors' unrealized profits are high, while a low one indicates relatively lower unrealized profits.
Crypto Onchain explained, "Historically, the indicator confirming such a low suggests that the market is cooling and a bottom is forming," and "if a reversal occurs here, it could set the stage for the next upswing."
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