Bitcoin Rally Stalls as SOPR Spikes: Analyst Explains What It Means
Bitcoin's price has retraced to approximately $102,004 after briefly exceeding $104,000, marking a 1.2% dip in 24 hours. Despite this pullback, Bitcoin is up nearly 20% over the past month and remains 6.4% below its all-time high of $109,000 from January. Long-term holders (LTHs) have seen a significant increase in realized profits, with the Bitcoin SOPR for LTHs rising 71.33% since March 12. As of May 13, the SOPR reached 2.27409, indicating average returns of 227.41% for coins sold by LTHs. This suggests cautious profit-taking behavior among seasoned investors. In contrast, another analyst noted that LTHs are not significantly contributing to selling activity, as indicated by a declining SOPR metric. This divergence may reflect stronger conviction among institutional holders, potentially allowing Bitcoin to regain upward momentum once short-term selling pressure eases.
