According to a report from CoinDesk, blockchain data analysis company CryptoQuant believes that there is still a further downside risk for Bitcoin. Analysts at CryptoQuant shared in a report on Thursday (18th) with CoinDesk, stating:
Furthermore, CryptoQuant added that the current unrealized profit ratio has not dropped enough to force sellers to urgently sell their Bitcoin holdings.
Some traders also hold a similar view, pointing out that any upward momentum has been suppressed due to apparent spot selling.
Alex Kuptsikevich, Senior Market Analyst at FxPro, stated that although Bitcoin’s intraday volatility exceeds 3.5%, the price triggered “orderly selling behavior” when it reached the high point of the recent trading range earlier on Wednesday. He said:
However, another CryptoQuant analyst, AxelAdlerJr, on the X platform, stated that the Short-Term Holder’s Spent Output Profit Ratio (SOPR) has dropped below 1 on a weekly basis, which means that the majority of Bitcoin held by short-term holders is no longer profitable. “This fact will calm down those who panic and reduce selling pressure in the spot market.”
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