Long-term Bitcoin holders: What does SOPR show?

- Early 2022: High and volatile SOPR. Intense profit-taking, but prices fall due to selling pressure.

- Late 2022 - early 2023: SOPR below 1, prices stabilize, signs of recovery. Investors sell at a loss, indicating capitulation.

- Mid-2023 and beyond: SOPR approaches or exceeds 1. Investors start to sell at a profit, market confidence increases.

- By 2024: Prices rise, SOPR above 1. Long-term investors in profit, selling pressure is minimal.

- Throughout 2024: Bitcoin prices rise, SOPR consistently above 1. Investors continue to sell at a profit, maintaining positive sentiment.

Overall, after a loss-making sell-off in 2022, the market is recovering in 2023. An SOPR above 1 indicates openness to growth and confidence in Bitcoin.