A metric used by crypto analysis firm Cryptoquant shows that short-term bitcoin holders are likely underwater with the latest price dip.
A specific market indicator reflects the digital assets subdued performance, an analyst said.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Conditions are currently less favorable for short-term bitcoin holders, according to one on-chain metric.price decline
over the last two weeks. This indicator measures the profitability of bitcoin trades with coins held for less than 155 days. "A declining STH-SOPR during a price correction suggests many short-term holders may panic-sell their bitcoin, contributing to the overall drop in prices. This behavior can lead to a self-reinforcing cycle of declining prices," CryptoQuant Analyst Adam Mourad told The Block.
The analyst charted the STH-SOPR since the digital asset's price spiked after Grayscale's legal win against the SEC. The price appreciation saw the STH-SOPR stabilize at the 1 mark. If the chart indicator stabilizes at 1, short-term holder bitcoins can be sold without gain or loss. "The development indicates short-term holders sold their bitcoin at a price that allows them to exit without making a profit or incurring a loss, essentially at a break-even point," Mourad added.Bitcoin has been caught in a tight range between $25,800 and $26,000 over the past 24 hours, remaining stuck in a lower price bracket since it crashed two weeks ago. The world's largest cryptocurrency by market capitalization fell 0.
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