Due to “exhausted” short selling at a loss, Bitcoin bull market is expected

Bitcoin (Bitcoin) The new data confirms that the bears have been “exhausted” this week and are even selling at a loss.

in a tweet On September 14, Philip Swift, an analyst at the trading suite platform Decentrader, discovered the continued bullish trend of the expenditure output margin (SOPR).

Bitcoin shorts run out of FUD

SOPR is a classic indicator used to determine the oversold period of the Bitcoin market. the first time Since July of last week.

Last time, BTC/USD rose to a local high of $53,000 in the next few weeks, and now people are hoping to repeat it.

Swift commented: “In the past few days, we have seen more loss-making sales on the chain.”

“This is bullish, especially after the summer sell-off. The bears are exhausted. Bitcoin bulls will soon take over.”

Bitcoin SOPR chart. Source: Decentrader

SOPR is far from the only part of the Bitcoin market that requires a resumption of bullish upside. Investors themselves bet on continuity, Add to post Although prices fell last week, no matter how big or small.

A sort of Continued to significantly reduce Among the available liquid BTC supply, it is possible that spot prices squeeze higher, and others notes.

MicroStrategy court custody theory

A group of BTC investors who will definitely not sell are institutions. MicroStrategy’s 5,050 BTC additional purchase proves this Announce on Monday.

related: As the demand for ETH and BTC flattens out, institutional traders flock to Solana

For Willy Woo, an analyst who released the latest chart of the company’s BTC holdings, it is becoming increasingly clear that the company is acting as the custodian of other people’s bitcoins.

“If people want to know why MicroStrategy holds such a large share. I think public companies find it easier to buy convertible debt instruments from MicroStrategy to gain BTC exposure than to hold underlying assets. IMO MicroStrategy holds BTC for many companies,” he wrote In a discussion on Twitter.

Annotated chart of BTC holdings of listed companies.Source: Willy Woo/Twitter

MicroStrategy’s total BTC allocation now exceeds 114,000 BTC, and its average purchase price is slightly higher than $27,700-40% lower than the current spot price.