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Bitcoin Long-term Holders’ Capitulation Has Started: Is The Bottom Getting Closer?

Daily Market Wrap

  • Crypto market cap: 1.23 trillion, down 1.75%

  • BTC price stands at USD 30,049, down 1.30%

  • ETH price stands at USD 1,762, down 4.31%

  • Top gainer: eCash (XEC), up 10.49%

  • Top loser: Chiliz (CHZ), down 7.80%

News of the Day

The Long Term Holder SOPR for Bitcoin

Bitcoin Long-term holders’ capitulation has started: is the bottom getting closer?

Why it matters:

  • The SOPR measures the demand for UTXO-based crypto assets, like BTC, whether market participants are selling at a profit or loss.

  • Typically, if the value of SOPR is greater than 1, It implies that the coins moved in a specific timescale are selling at a profit on average, and vice versa.

  • At press time, The Long Term Holder SOPR for Bitcoin is 0.89. Typically, the long-term holders are selling at a loss, indicating “that the smart money accumulation phase has begun

Crypto daily spotlight

STEPN Tweet on Jun 5

‘Move-to-Earn’ game STEPN suffers DDOS attacks after upgrade — again.

Brief introduction: STEPN is the first move-to-earn mobile nonfungible token (NFT) game powered by the Solana blockchain, with SocialFi and Game-Fi elements. Users can earn tokens by walking, jogging, or running outdoors with an NFT sneaker in the game.

Why it matters:

  • The popular crypto game STEPN on the Solana blockchain suffered a number of distributed denial-of-service (DDoS) attacks this weekend following a recent upgrade

  • “We recommend you take some rest during the maintenance or otherwise the work-outs may not be recorded properly. Our engineers are working hard to fix the problems,” STEPN team said in a tweet on Sunday

  • The outage came after an “anti-cheating” upgrade introduced on June 3, which was aimed at eliminating fraudulent bots and motion data

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