Since August 30, 2023, the Bitcoin Spent Exit Profit Ratio (STH-SOPR) has been below 1. This means that the current conditions are not favorable for short traders, emphasized CryptoQuant analyst Adam Murad.
The indicator swung up against the backdrop of a jump in the bitcoin rate, according to BGeometrics. The price of the asset rose immediately after the victory of Grayscale in a lawsuit against the US Securities and Exchange Commission.
Short Spent Exit Profit Ratio (SHT-SOPR) in the bitcoin market. Source: BGeometrics.
According to him, the decline of the ratio below 1 in early September indicates that some sellers have exited at the breakeven point.
SHT-SOPR is an on-chain analytics tool that allows you to determine local price lows and highs in the market, according to CryptoQuant.
At the time of writing, Bitcoin is trading at $25,600, according to TradingView.
The volume of liquidations in the crypto asset market per day amounted to about $45 million. Two-thirds of them are long positions:
The volume of liquidations in the crypto asset market. Source: CoinGlass.
Source: Cryptocurrency
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