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Bitcoin (BTC) has fallen as low as $60,000 since October. This decline has caused long-term investors to exhibit behavior not seen in years.
Glassnode stated that its long-term investor group has started selling at a loss for the first time since 2022.
In its latest analysis, Glassnode found that the “Long-Term Investor Spending Output Profit Ratio (SOPR),” a metric indicating whether long-term investors are selling tokens at a profit or a loss, has fallen below 1 for the first time.
A reading below 1 on this metric indicates that long-term investors are selling at a loss.
At this point, Glassnode noted that the 7-day moving average has fallen below 1 for the first time since 2022, a situation reminiscent of the Terra-LUNA crisis. Glassnode reported that long-term investor Bitcoin purchases have weakened following the February sell-off, particularly when compared to periods like the FTX and Luna crashes. Glassnode also stated that there has been a slowdown in purchases by long-term investors who have sold at a loss for the first time since that period.
Glassnode noted that this could signal the bottom of a bear market, adding that long-term investors starting to sell is a common occurrence during the lows of bear markets.
Glassnode recently stated that the $65,000 support level is crucial for Bitcoin, and if this level is broken, the next significant support area could be $54,000.
