On-chain data shows a Bitcoin indicator has continued to retest the bear-bull transition point recently, but is yet to obtain a break.

Bitcoin Short-Term Holder SOPR Is Retesting The Break-Even Level

As pointed out by an analyst in a CryptoQuant post, the short-term holders have continued to sell at a loss recently. The relevant indicator here is the “Spent Output Profit Ratio” (SOPR), which tells us whether the average investor in the Bitcoin market is selling at a profit or at a loss right now.

When the value of this metric is greater than 1, it means that the overall market is realizing more profits than losses with their selling currently. On the other hand, values under the threshold suggest the dominance of loss-taking in the sector.

The SOPR being exactly equal to 1 implies that the total amount of profits being realized by the investors are exactly canceling out the losses, and thus, the average holder can be thought to be just breaking even on their sales.

Now, here is a chart that shows the trend in the Bitcoin SOPR over the last couple of years:

Looks like the value of the metric has been near the break-even mark for both of these metrics | Source: CryptoQuant

As displayed in the bottom graph in the image, the Bitcoin ASOPR has been consolidating around the 1 mark recently. The ‘A’ in front of SOPR here refers to “Adjusted,” since the indicator has been adjusted to filter out the sales of coins that were sold within one hour of their previous sales.

From the graph, it’s visible that the Bitcoin ASOPR has constantly…