Blockchain data shows long-term bitcoin ($BTC) holders are moving coins onchain at a profit for the first time since May 2022. Reports godbole17.
Blockchain data shows long-term holders of bitcoin are profitable for the first in almost a year. Historically, renewed profitability for long-term holders has presaged major market rallies.
The SOPR is the ratio in U.S. dollar value of unspent transaction output at its creation to the value at which the concerned wallet spends the UTXO onchain. UTXO is a transaction output that hasn't been utilized as an input in a new transaction. You can think of UTXOs as leftover change money in your pocket.
The ratio's previous crossovers dated above one – dated May 2020, May 2019 and November 2015 – also coincided with recovery rallies that eventually translated into multi-year bull runs. "The LTH cohort at the moment consists of many 2021-22 cycle holders, many of whom remain underwater and are likely to create resistance throughout the market recovery," Check noted.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin Mempool Overwhelmed With 134,000 Unconfirmed Transactions Amid Price Volatility – Blockchain Bitcoin NewsAs of writing, 134,986 unconfirmed transactions await confirmation, and Bitcoin block times are lingering above the usual ten-minute mark.
Read more »
Argo Blockchain Slumps to Full-Year Loss on Bitcoin Price SlideLondon-based crypto miner ArgoBlockchain slumped to a full-year loss in 2022 as the price of bitcoin fell while mining difficulty increased. sheldonreback reports.
Read more »
Audi E-tron GT 2023 long-term test | AutocarWe loved the Audi E-tron GT when we tested it last year, but what's it like to live with? We'll find out over the next six months ⚡
Read more »
Average rate on long-term mortgage climbs for second straight weekThe average rate on the 30-year fixed mortgage rose to 6.43% this week, up from 6.39% a week ago. Meanwhile, the average rate on a 15-year fixed mortgage fell to 5.71%
Read more »
BBNC's cultural program centers on long-term revitalization of Native languagesBristol Bay Native Corporation’s cultural program centers on long-term revitalization of Native languages. “We have so many people in our region that are so excited about language, and we have speakers that are still here,' said Kay Larson-Blair.
Read more »
New Method To Cure HIV Yields Long-Term Successful ResultsScientists report lasting success in a novel method to cure HIV that involves transplanting HIV-resistant stem cells from umbilical cord blood. The technique was effectively employed to treat the 'New York patient,' a mixed-race, middle-aged woman with leukemia and HIV, who has been free of HIV in h
Read more »