The SOPR on-chain indicator shows that traders are dumping Bitcoin at a loss, believing that BTC will continue its decline.
Bitcoin investors have been selling the asset below the purchase price for a month now, according to CryptoQuant. Now the asset is being dumped in panic by traders who purchased it at a price of more than $43,000.
SOPR is a financial indicator that tracks the result of the sale of an asset. Having tracked the chain of movement, the indicator calculates the ratio between purchase and sale prices. A SOPR value greater than 1 means selling the asset at a profit. SOPR less than 1 indicates selling at a loss.
Over the last month, SOPR has not risen above 1, which accurately characterizes bearish sentiment and fear in the market. The trend may continue for some time, as it did in May-June 2021.
Bitcoin has lost 13% in price over the past month and 10% over the past week. Traders continue to panic as the market falls to the psychological level of $40,000.
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