#Bitcoin STH-SOPR has reset to the lowest value since the $29k dip back in Jan.

This metric will trend higher (>1.0) when profits are realised and lower when coins are dormant or losses are realised (<1.0)

This means some short term holders spent coins and took losses during this dip. However, it also means coins that are currently in profit were not shaken out.

Historically, SOPR resets below 1.0 in bull markets have been constructive for price in the weeks that follow.

Our Analysis in The Week On-chain