On July 4th, 80 000 BTC from the Satoshi era were moved, which requires factoring in two key consequences from these spent UTXO :
🔹 The age of the BTC involved triggers a transition from LTH to STH, but it also impacts other indicators like CDD (Coin Days Destroyed).
🔹 The massive profit realized from this move caused spikes in SOPR, realized profits, and even CVDD.
Since July 4th, data that heavily rely on moving averages for these indicators have been triggered by this exceptional event, clearly showing why average-based analysis alone can be misleading.
Take the LTH SOPR, for example.
Within a single day, it jumped from 2.3 to 24.5, yet it has since returned to around 2.2, roughly the same level as before the July 4th spike.
However, when switching to a monthly average, SOPR is now reading above 3 due to that temporary spike.
This kind of event can distort any analysis based solely on averaged data, possibly suggesting signs of overheating or intensified profit-taking, while in reality, the data has already normalized.
Written by Darkfost
