Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-holders-see-profits-as-market-trends-upward/" data-wpel-link="internal">Bitcoin Holders See Profits as Market Trends Upward</a><br></p>
<p style="text-align: justify"><strong>Bitcoin’s (BTC)</strong> short-term holders (STH) saw their Spent Output Profit Ratio (SOPR) rise above 1, signaling that this group of <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> is now holding their cryptocurrencies at a profit. In a new report, CryptoQuant analyst Phi Deltalytics noted that the increase in this metric’s value above 1 indicates a bullish trend for the token in the market.</p> 
<h2 id="critical-data-on-btc">Critical Data on BTC</h2> 
<p style="text-align: justify">BTC’s STH-SOPR measures whether investors who have held the token for three to six months are selling at a profit or loss. When it returns a value above 1, it shows that short-term holders are selling their tokens at a profit on average. Conversely, if the STH-SOPR is below 1, it indicates that holders are selling at a loss.</p> 
<p style="text-align: justify"><strong>CryptoQuant’s</strong> <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> indicates that BTC’s STH-SOPR was 1.019 at the time of writing. Deltalytics noted that this metric cratered to the 1 level before stabilizing but did not fall below this level. This situation led many investors to hold onto their cryptocurrencies rather than sell them.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-354009 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/btv-2.jpg" alt="" width="1053" height="592"></p> 
<h2 id="analyst-s-bitcoin-commentary">Analyst’s Bitcoin Commentary</h2> 
<p style="text-align: justify">This situation could be a positive sign for the market and signal low selling pressure. The <a href="https://en.coin-turk.com/2024-predictions-for-major-crypto-whales-arb-op-and-gmx-coins/" data-wpel-link="internal">crypto analyst</a> added that BTC’s STH-SOPR needs to stay above 1. If this scenario occurs, the market could reduce sellers’ profit-taking without significant price drops. Deltalytics foresaw that this could help sustain BTC’s current price increase:</p> 
<blockquote> 
 <p style="text-align: justify">This dynamic has the potential to push Bitcoin’s price higher due to the market not overheating.</p> 
</blockquote> 
<p style="text-align: justify">The leading cryptocurrency Bitcoin benefited from the market’s rise in the last 24 hours. At the time of writing, BTC was trading at $71,212, and its <strong>price</strong> had increased by 6% during this period. This period was marked by a significant increase in BTC’s derivative market trading activities. According to Coinglass data, BTC’s derivative volume increased by 112% in the last 24 hours. At the time of writing, BTC’s open futures positions reached $35 billion, the highest level since March.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-holders-see-profits-as-market-trends-upward/" data-wpel-link="internal">Bitcoin Holders See Profits as Market Trends Upward</a></h5>

Bitcoin Holders See Profits as Market Trends Upward

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