Glassnode’s 7-day moving average of the adjusted #SOPR indicator shows that the bear #trend has likely reversed.

Investors add to their #winning positions on pullbacks in an uptrend, indicated when the spent output profit ratio (#SOPR) indicator stays above one.

Despite this cohort continuing to take #losses over the last 9 months, there are initial signs of a recovery, with a potential uptrend in #LTH-#SOPR starting to form.

For the Short-Term Holder cohort 🔴, it can be seen that #STH-#SOPR is now trading above a value of 1.0 on a #sustained basis, displaying the first burst of profit taking since March 2022.

Variants of the #SOPR (Spent Output Profit Ratio) metric can be used to inspect the #aggregate profit multiple locked in by a variety of #market cohorts on any given day.

CryptoQuant’s #P&L Index indicator combines the #MVRV ratio, Net Unrealized Profit/Loss, and #LTH/STH #SOPR into a single #Bitcoin value #indicator