Bitcoin (BTC) bears are “exhausted” and are even selling at a loss this week, new data confirms.

In one tweet On September 14th, Philip Swift, an analyst at the trading toolkit platform Decentrader, noticed a sustained upward trend in the return-to-spend ratio (SOPR).

Bitcoin bears don’t have an FUD. more

SOPR, a classic metric for determining, among other things, oversold times in the Bitcoin market, has turned into “buy” for the first time since last July.

Last time, BTC / USD rebounded to a domestic high of $ 53,000 over the next few weeks and now hopes are high that it will repeat.

Swift commented, “We have seen more losing sales in the chain in the past few days.

“This is bullish, especially after the massive sell-off in the summer. Bears are getting more and more exhausted. It is time for the bitcoin bulls to take over very soon. “

SOPR isn’t the only component of the Bitcoin market calling for a return to the uptrend. Investors themselves are betting on a continuation and are building both large and small positions despite last week’s price decline.

The available supply of liquid BTC is decreasing significantly, potentially causing spot prices to push higher, others note.

MicroStrategy Court Guard theories

One group of BTC investors who are definitely not selling are institutions, as the additional purchase of 5,050 BTC by MicroStrategy announced on Monday shows.

Related: Institutional traders flock to Solana as demand for ETH and BTC grows

It is now becoming increasingly clear to analyst Willy Woo, who released an updated chart of the company’s BTC holdings, that the company is acting as a Bitcoin custodian for others.

“In case people are wondering why MicroStrategy is such a big holding company. I think it is easier for public companies to buy a convertible debt instrument from MicroStrategy to get exposure to BTC than it is to hold the underlying asset. IMO MicroStrategy holds BTC for many companies, ”he said Written in a discussion on Twitter.

MicroStrategy’s total BTC allotment currently exceeds 114,000 BTC, with an average purchase price of just over $ 27,700 – 40% below current spot prices.