From our Spaces with @natemaddrey and @kylewaters_:

$BTC SOPR (7-day average) turned negative for most of June, a sign that investors were selling at a loss. 

SOPR is the ratio of ’s price at the time UTXOs are spent to its price at the time they were created. https://t.co/v2OW0zhH4i https://t.co/lAamYhLNy5