Analysis: Bitcoin has achieved a 19% decrease in profits, with weaker profit taking than in August BlockBeats News: On September 29th, CryptoQuant analyst Axel Adler Jr posted that although Bitcoin prices have further risen to around $87000, market profit taking is actually weaker than in August. During the second high point of the uptrend, the market achieved profits 19% lower than the first high point, while at the same time, losses also decreased. Data shows that when BTC reached its first high on August 26th, its price was around 78600 US dollars, and it had achieved a profit of 9.1 billion US dollars in the past 7 days; On September 24th, during the second round of high points, BTC prices rose to $84100, but the profit achieved in the past 7 days was only $7.3 billion, a decrease of 19% from the previous round. During the same period, the loss achieved in the past 7 days decreased from $2.6 billion to $1.5 billion. As of September 28th, Bitcoin's net realized profit for the past 7 days was $4.3 billion. From the perspective of Short Term Holders (STH) SOPR, this indicator has remained above 1 since August 20th, indicating that the BTC transferred by short-term holders is still profitable overall, but the profit margin is narrowing. At the high point on August 26th, the profit margin corresponding to STH SOPR was 2.8%; On September 23rd, it dropped to 1.6% at its peak; As of September 28th, it has further decreased to 1%. Axel Adler Jr pointed out that during the BTC pullback to $76500 on September 17th, the lowest STH SOPR dropped to 1.003, and the profit margin for short-term holders transferring BTC narrowed to 0.3% at one point. However, this indicator did not fall below 1, indicating that the overall short-term holders have not yet turned into a loss state. Axel Adler Jr stated that higher BTC prices have not led to larger scale profit taking, which may mean that some holders are not in a hurry to sell and may be waiting for higher prices. However, relying solely on this indicator cannot confirm that the holder is definitely waiting for a higher price. It points out that if BTC returns to its high of $87200 again, the unrealized profits of holders will further increase without any change in the holding cost basis. The deterioration signal worth paying attention to in the future is that STH SOPR has fallen below 1, and at the same time, the profit and loss indicator has turned negative. [Original link]