The Spent Output Profit Ratio (SOPR) gives us insight into whether #bitcoin holders are selling at a profit or loss. Right now, short-term holders are selling at a loss, but SOPR is rebounding. As a support/resistance indicator: When SOPR nears 1, it acts as a key market sentiment level. If it bounces above 1 means bullish continuation.
Realized Capital Multiplier (365-day) from Checkonchain shows extreme low liquidity.
Low liquidity (blue/green) often signals market bottoms → strong buying opportunities.
TGA Spend-Down Effect & Liquidity Injection
Treasury injected $80B+ into the market yesterday.
While $BTC hasn’t reacted strongly to recent injections, markets may be pricing it in.
Remember:
Novices panic and react, while Real Gs observe then act.
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