Short-term BTC holders are taking losses... a buying opportunity for whales
CryptoQuant contributor MAC_D writes: "Bitcoin short-term holders BTC SOPR is below 1. This means that short-term investors are taking profits. Based on historical data, whales are likely to seize this opportunity and buy up the volume dumped by short-term investors, which could lead to a rebound in the BTC price." The short-term SOPR metric is a SOPR metric calculated only for coins held for more than 1 hour but less than 155 days, where a value above 1 indicates a high proportion of coins that are profitable in short-term investments, and a value below 1 indicates a high proportion of coins that are losing money.
The day before, Ark Investments bought 58,468 shares of the ARK 21 Shares Bitcoin Spot ETF (ARKB), valued at $2.45 million, through its ARKW fund. It did not sell the ProShares BTC futures ETF. The moves by the two institutions seem to confirm MAC_D's comments.
