Bitcoin Slips From $87,000 as Short-Term Holders Lock In Gains
- —BTC fell from $87,000 to $83,860, down roughly 3% in 24 hours
- —7-day short-term holder SOPR closed at 1.01693, meaning coins moved about 1.7% above cost
- —The metric held above 1.0 on only 100 of the past 365 days, putting Tuesday's print in the 97th percentile
- —Binance BTC open interest dropped from $5.4 billion to $4.9 billion
Why it matters: If the 7-day SOPR holds above 1.0, the rally can continue; a close below 1.0 before mid-October would suggest the move was only a bounce.
Source: The Crypto Times