Is the next Bull run coming? See what on-chain metrics and investor behavior suggest here -
The SOPR gives insights into the profitability or loss of coins moved on-chain. A SOPR greater than one means that investors are, on average, selling their BTC at a profit. If it is less than one, then they are selling at a loss.
The SOPR has been above one for roughly two weeks since bitcoin soared past the $29,500 level. This signals that most market participants expect further price appreciation and are unwilling to sell at a loss, like in a bull market.“This generally keeps the SOPR value > one during bull markets, because there is very little supply coming onto the market at breakeven prices.
On the other hand, several on-chain trackers have discovered a significant increase in miners sending bitcoins to exchanges. Such activity is usually seen in two scenarios – during a bear market capitulation or the early stages of a bull market. However, on-chain data indicates the miners’ move is directed at derivative trading activities like using the BTC as collateral for their positions rather than directly selling on spot markets. This prevents any immediate bearish influence on prices.
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