A historical pattern currently forming in a Bitcoin on-chain indicator could suggest that a top may be near for the asset, if not already in.
Bitcoin SOPR Ratio Is Forming A Historical Top Pattern Right Now
In a CryptoQuant Quicktake post, an analyst has discussed about a pattern regarding the SOPR Ratio. The “Spent Output Profit Ratio” (SOPR) is an indicator that tells us whether the Bitcoin investors are selling their coins at a profit or loss right now.
When the value of this metric is greater than 1, it means that profit-selling is dominant in the market currently. On the other hand, the metric being under the threshold suggests the average holder is moving coins at some net loss.
In the context of the current topic, the SOPR itself isn’t of interest; rather, it is a different version called the SOPR Ratio. The name may be a bit confusing as SOPR already contains a “ratio,” but the latter ratio here corresponds to the fact that this indicator compares the SOP
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