Why Did Bitcoin Plunge Under $58,000? On-Chain Data Says This

Bitcoin has observed a crash below the $58,000 level today. Here’s what could be a potential cause for it, according to on-chain data.
Bitcoin Long-Term Holders Have Just Taken Large Profits
As pointed out by an analyst in a CryptoQuant Quicktake post, the Bitcoin long-term holders harvested a large amount of profits during the latest price drawdown.The on-chain metric of interest here is the “Spent Output Profit Ratio” (SOPR), which basically tells about whether the BTC invest