Key metrics for bitcoin tip bearish as global economy wobbles

The global economy wobbled last week on revelations China’s domestic market appeared to be weakening, perpetuating a risk-off mood from equities and crypto

article-image

Millenius/Shutterstock, modified by Blockworks

share

Flagship crypto bitcoin is beginning to unwind its momentum from earlier this year, following its largest single-day loss in 2023 late last week.

The asset has hit a 5-month low in its aSOPR (7-day moving average), falling to 0.99251, data from blockchain analytics provider Glassnode shows. Bitcoin has also closed below its 200-day moving average for the first time since February.

The aSOPR (Adjusted Spent Output Profit Ratio) measures the profit and loss of coins moved on-chain. A decrease in the figure could indicate investors are selling at a loss.

Closing below the 200-day moving average, typically viewed as a bearish sign in financial markets, adds further insight into the industry marked by fresh volatility and regulatory challenges. 

Those metrics square against a global economy grappling with uncertainty, emphasizing the shifting focus this year away from digital assets and a potential pivot in investor sentiment. 

Selling pressure has swept across global markets, causing Wall Street’s primary indexes to end lower on Friday, while Asian shares ended down for a third straight week of losses. 

The driving factors behind these movements center on apprehensions about the state of China’s economy and the expectation that US interest rates will be maintained at higher levels for a more prolonged period.

While bitcoin’s (BTC) correction cannot be traced back to a single piece of fundamental news, several factors likely contributed, fintech firm NYDIG wrote in a recent research note.

Those include the bankruptcy of Evergrande late last week, a simultaneous Wall Street Journal article observing that SpaceX had disposed of all its bitcoin holdings in 2022 and the ongoing weakness in risk-associated markets such as equities since the beginning of the month.

“One ‘tell’ about the move on Thursday was the price action in alts on Wednesday,” NYDIG wrote. “Unexplained significant weakness was seen in many altcoins that perhaps portended the move in the major coins, such as bitcoin.”


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates.png

Research

Maple Finance has successfully navigated significant market challenges through its strategic pivot to secured lending (Maple v2) and the launch of its Syrup product. Syrup has become a primary growth driver, delivering sustainable, outperforming stablecoin yields and rapidly increasing TVL. The upcoming custody-first Bitcoin staking product (istBTC) presents another significant avenue for expansion. Crucially, Maple has achieved operational profitability, a key inflection point that, combined with a fully vested token and active buyback mechanism, strengthens its investment case. While valuation metrics suggest potential undervaluation relative to peers and growth, the primary forward-looking risk identified is the long-term sustainability of its current high-take-rate collateral staking revenue model.

article-image

In 2014, Microsoft virus scanners were detecting viruses in Bitcoin software

article-image

Ledn’s Mauricio Di Bartolomeo explained how this cycle’s been different for the lender

article-image

The shorts looking for funding range from charming animated series to gritty live-action dramas

article-image

Money, it turns out, is emergent, like consciousness

article-image

Bridge flows churn in both directions as risk appetite returns