Bitcoin
Bitcoin (BTC)
$64,265.00 0.35749
Bitcoin price
Ethereum
Ethereum (ETH)
$3,496.14 -0.50248
Ethereum price
BNB
BNB (BNB)
$588.20 0.34394
BNB price
Solana
Solana (SOL)
$134.29 0.42564
Solana price
XRP
XRP (XRP)
$0.4869310 0.3043
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000180 1.22852
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000115 1.01307
Pepe price
Bonk
Bonk (BONK)
$0.0000208 1.5562
Bonk price
Bitcoin
Bitcoin (BTC)
$64,265.00 0.35749
Bitcoin price
Ethereum
Ethereum (ETH)
$3,496.14 -0.50248
Ethereum price
BNB
BNB (BNB)
$588.20 0.34394
BNB price
Solana
Solana (SOL)
$134.29 0.42564
Solana price
XRP
XRP (XRP)
$0.4869310 0.3043
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000180 1.22852
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000115 1.01307
Pepe price
Bonk
Bonk (BONK)
$0.0000208 1.5562
Bonk price
Bitcoin
Bitcoin (BTC)
$64,265.00 0.35749
Bitcoin price
Ethereum
Ethereum (ETH)
$3,496.14 -0.50248
Ethereum price
BNB
BNB (BNB)
$588.20 0.34394
BNB price
Solana
Solana (SOL)
$134.29 0.42564
Solana price
XRP
XRP (XRP)
$0.4869310 0.3043
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000180 1.22852
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000115 1.01307
Pepe price
Bonk
Bonk (BONK)
$0.0000208 1.5562
Bonk price
Bitcoin
Bitcoin (BTC)
$64,265.00 0.35749
Bitcoin price
Ethereum
Ethereum (ETH)
$3,496.14 -0.50248
Ethereum price
BNB
BNB (BNB)
$588.20 0.34394
BNB price
Solana
Solana (SOL)
$134.29 0.42564
Solana price
XRP
XRP (XRP)
$0.4869310 0.3043
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000180 1.22852
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000115 1.01307
Pepe price
Bonk
Bonk (BONK)
$0.0000208 1.5562
Bonk price
SirWin
SirWin
SirWin

Bitcoin’s SOPR ratio suggests strong interest as price recovers

bitcoins-sopr-ratio-suggests-strong-interest-as-price-recovers
Edited by
Markets
Bitcoin’s SOPR ratio suggests strong interest as price recovers

Bitcoin’s (BTC) price witnessed an instant fall on June 5, as the US Securities and Exchange Commission (SEC) decided to take legal action against Binance and Coinbase.

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

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.

BTC’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.

https://twitter.com/cryptoquant_com/status/1668120092453003264?t=XeLU5A_HbeM0VHxx9wiHqQ&s=19

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.

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.

https://twitter.com/glassnodealerts/status/1668124896843509761

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.

Bitcoin’s SOPR ratio suggests strong interest as price recovers - 1
BTC price – June 12 | Source: Trading View