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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

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

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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1 Comment
Mar 13

Aspen Digital's comprehensive daily market wrap sheds light on crucial developments in the crypto space. The observation of Bitcoin long-term holders' SOPR dipping below 1 raises questions about market sentiment and potential bottoming indicators. This insight is valuable for investors navigating the volatile crypto landscape.

Furthermore, the spotlight on STEPN's recent DDoS attacks underscores the challenges faced by emerging projects in the blockchain gaming sector. Such incidents emphasize the importance of robust security measures and the resilience required to combat threats in the digital realm.

In this evolving crypto landscape, regulatory compliance is paramount. Consulting24, as a trusted partner specializing in crypto regulation and licenses, plays a crucial role in guiding businesses towards regulatory compliance and fostering trust within the…

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