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<p class="is-style-lead">Bitcoin’s (<a href="https://crypto.news/price/bitcoin/">BTC</a>) price witnessed an instant fall on June 5, as the US Securities and Exchange Commission (SEC) decided to take legal action against <a href="https://crypto.news/sec-sues-binance-and-cz-for-securities-violations/">Binance</a> and <a href="https://crypto.news/sec-sues-coinbase-just-hours-after-binance/">Coinbase</a>.</p>



<p>The asset’s price fell from around $26,800 to $25,500 within 18 hours after the SEC’s legal case against the exchanges. </p>



<p>A day after, however, the broader crypto market witnessed a recovery, and bitcoin consolidated over the $26,000 mark until June 10. As the bearish sentiment grew, the asset’s price dropped to a local bottom of $25,675 yesterday.</p>




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<p>BTC&#8217;s spent output profit ratio (SOPR) suggests that the market might still be gaining profitability as the ratio has been staying above the 1 mark since late March. According to an analysis by CryptoQuant, the current SOPR position is almost the same as the strong bull runs in 2015 and 2019 — when the SOPR ratio stayed above 1 for at least 3 consecutive months.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a>: Price Growth possibility is not over<br><br>&quot;&#8230;the pocket value of these holders moves above this level is a sign of a strong interest in staying in the market and gaining profitability.&quot;<br>by <a href="https://twitter.com/Crazzyblockk?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@Crazzyblockk</a> <br><br>Link👇<a href="https://t.co/Wu3Ny1lJrd" target="_blank">https://t.co/Wu3Ny1lJrd</a></p>&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1668120092453003264?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 12, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>Moreover, the analysis suggests that another steady bull run might be on the way as there hasn’t been strong selling pressure at this price point.</p>



<p>Furthermore, on-chain data shows that investors have been trying to hold their bitcoins as the number of lost and HODLed coins just surpassed 7,749,322 BTC, worth more than $200 billion, marking a five-year high.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">📈 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a> Amount of HODLed or Lost Coins just reached a 5-year high of 7,749,322.716 BTC<br><br>View metric:<a href="https://t.co/dJK8rxBVD3" target="_blank">https://t.co/dJK8rxBVD3</a> <a href="https://t.co/gqwKo4lUKR" target="_blank">pic.twitter.com/gqwKo4lUKR</a></p>&mdash; glassnode alerts (@glassnodealerts) <a href="https://twitter.com/glassnodealerts/status/1668124896843509761?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 12, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Bitcoin is up by 0.3% in the past 24 hours and currently trading at $25,850 at the time of writing. Its 24-hour trading volume, however, plunged by 21.6% and currently stands at $11.4 billion, showing lesser activity on the network.</p>



<figure class="wp-block-image size-full"><img decoding="async" width="1133" height="597" src="https://crypto.news/app/uploads/2023/06/BTC-price-June-12.png" alt="Bitcoin’s SOPR ratio suggests strong interest as price recovers - 1" class="wp-image-14167992"><figcaption class="wp-element-caption">BTC price &#8211; June 12 | Source: Trading View</figcaption></figure>




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Bitcoin’s SOPR ratio suggests strong interest as price recovers

crypto.news

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