Bitcoin [BTC] long-term holders cash in: Will the market crumble under sell-offs

Long-term Bitcoin holders are profiting as the Spent Output Profit Ratio (SOPR) reaches a new milestone. However, profit-taking may be putting pressure on Bitcoin's steady climb.

has reached a new milestone. As of 28 April, the metric has been above 1 for the longest stretch in nearly a year. The streak began on 18 April when Bitcoin’s price was above $30,000 and has remained above one ever since. Before this, the SOPR had been fluctuating above one.holders by comparing the current market value to the price at which the cryptocurrency was last moved on-chain.

Considering the recent spike in SOPR, long-term investors may be taking advantage of the profit-taking opportunity, leading to increased selling pressure in the market. This could be one reason Bitcoin prices have struggled to maintain their upward momentum.According to data from Santiment, the 180-day Market Value to Realized Value ratio indicated that long-term holders of

were enjoying profits of over 20% at press time. The MVRV showed that this group of investors had been profitable since January, with the highest point of profitability reaching over 30% in March.On the other hand, the 30-day MVRV paints a different picture, indicating a decline in profitability. As of this writing, the 30-day MVRV was around 1.5%, a significant drop compared to the longer-term MVRV.

Despite the recent drop, the overall trend was still bullish. However, the consecutive declines have caused the Relative Strength Index line to decrease slightly. This could suggest a potential slowdown in Bitcoin’s bullish momentum, and it’s worth keeping an eye on the RSI line to see if this trend continues.

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