Bitcoin holders are still only just breaking even
The price of bitcoin (BTC) has almost doubled this year, but on-chain metrics hint that holder s overall aren’t currently in profit. Bitcoin’s Spent Output Profit Ratio (SOPR) attempts to gauge whether bitcoins are worth more now than when they were last moved. The idea is that BTC was bought when their latest UTXO was created. So, comparing current bitcoin prices to that point in time will show if the holder is in profit. (“Holders,” in this case, refers only to addresses with BTC balances. SOPR doesn’t include bitcoin positions held on centralized exchanges, as it only studies on-chain movements.) An SOPR reading of more than one signifies on-chain bitcoin holder s are in profit, one means breakeven, while less than one indicates they’re in the red. That figure sat at a 1.00275782 on Wednesday, per CryptoQuant. Bitcoin’s SOPR was higher on July 1, reaching 1.01. Bitcoin had jumped nearly 15% over about a week on the back of buzz surrounding BlackRock’s spot ETF filing, first ...