BTC SOPR sees profits as whales and short-term holders make these moves

ambcrypto.com:

As the price of Bitcoin [BTC] experienced a surge, a potential new support level may be emerging. Also, the possibility of a breakthrough in its press time price range could not be discounted. 

Read Bitcoin’s [BTC] Price Prediction 2023-24

These noteworthy market movements could largely be attributed to the actions of short-term traders and whales.

CryptoQuant’s data revealed that the recent spike in Bitcoin’s price had provided short-term holders with a window of opportunity to cash in on their investments and take some profits. The data also suggested that some holders took advantage of this price surge and exited their positions at its realized price.

Source: CryptoQuant

At the time of writing, the Short-Term Holder SOPR (Spent Output Profit Ratio) for Bitcoin holders had surpassed the value of one. This particular SOPR, which measures the profit margin of short-term holders, is computed by dividing the realized value of sold outputs (the selling price) by the cost basis of those outputs (the buying price).

A SOPR value exceeding one signifies that, on average, short-term holders are selling their Bitcoin at a profit.

Furthermore, the spent output value bands metric on CryptoQuant indicated that whales increasingly spent their Bitcoin holdings. As of this writing, the spent output value band for whales holding between 1,000 to 10,000 BTCs had already exceeded 220,000 BTCs. The chart also indicated that the spending activity of these high-volume investors climbed in March, and has been on an upward trajectory since.

Source: CryptoQuant

By monitoring the proportion of spent outputs in each value band over time, one can glean valuable insights into the behavior of various market participants. 

Besides the rise in spent