On-chain data shows Bitcoin long-term holder SOPR has reached the deepest value since 2019, suggesting this cohort has been realizing some heavy losses recently. Bitcoin Long-Term Holder SOPR Continues To Trend Down As pointed out by an analyst in a CryptoQuant post, BTC long-term holders are currently realizing the largest amount of losses since 2019. The “spent output profit ratio” (or SOPR in brief) is an indicator that tells us whether Bitcoin investors are selling at a profit or at a loss right now. The metric works by checking through the transaction history of each coin being sold to see what price it was moved at before. If the last selling price of any coin was more than the current one, then that particular coin realized some amount of loss. While if the previous value was less than the one now, then the coin naturally moved at a profit. When the value of the SOPR is greater than one, it means the investors as a whole are selling at a profit right now. Related Reading | Bitcoin Derivatives Exchange Reserve Surges Up As BTC Continues To Plunge On the other hand, values of the ratio being less than one imply the overall market is realizing a loss at the moment. The “long-term holder” (LTH) group includes all those investors who held their coins for at least 155 days before selling or moving them. Now, here is a chart that shows the trend in the Bitcoin SOPR specifically for these LTHs: The value of the metric seems to have been going down in recent weeks | Source: CryptoQuant As you can see in the above graph, the Bitcoin LTH SOPR has been below one recently, and its value has been declining further. This means that in response to the latest crash in the price of the crypto, these hodlers have panicked and started selling at a loss. Related Reading | TA: Bitcoin Recovery Stalls Near Key Juncture, Key Resistance Intact Most recently, the value of the metric touched lows not observed since way back in 2019. This suggests that right now the LTH cohort is harvesting the largest amount of losses in more than three years. The long-term holders realizing such high losses may be a sign that the bottom could be coming closer for Bitcoin. BTC Price At the time of writing, Bitcoin’s price floats around $20.7k, down 12% in the last seven days. Over the past month, the crypto has lost 31% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the value of the crypto has rebounded back over the last couple of days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com