1 month ago
8
Key Takeaways
- Two CryptoQuant on-chain signals are flashing capitulation at the same time.
- Long-term holders are now moving coins at a loss, a sign of maximum pain.
- The profit/loss ratio of spent coins has dropped to bear-market lows.
- Historically these conditions marked bottoms, but they don’t time them.
Long-Term Holders Are Selling at a Loss
The first signal is the Long-Term Holder SOPR, which measures whether coins held for more than 155 days are being moved at a profit or a loss. When it drops toward or below 1, it means the long-term-held coins that are actually being moved are changing hands at breakeven or a loss. Worth being precise here: this doesn’t mean long-term holders as a whole are selling. The metric only captures coins that move, so most long-term supply may be sitting still, what it shows is that the patient-held coins that do...
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