Bitcoin on-chain losses are delivering a dose of March 2020 deja vu.
Data from on-chain analytics firmBTC on-chain losses mountinto non-custodial wallets, those moving coins around are doing so at multi-year high losses.
This is logical, as unrealized losses increase through the bear market phase, leading to relatively larger overall realized losses once coins are sold. Should BTC/USD start gaining, hodlers will have an incentive to sell at cost price or slightly above to avoid losses. This leads to a supply glut, which without buyers logically forces the price lower again.
“Due to the fundamental nature of underlying metrics on which the SOPR relies on, it would be fair to speculate that the Spent Output Profit Ratio is influencing price changes,” Renatio Shirakashi, the metric’s creator, stated in an“This can be of considerable significance, since most current indicators are lagging indicators.”
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