Bitcoin Holders Bucking Trend, Taking Modest Profits Amid Strong Rally
Bitcoin's recent price surge has been met with surprisingly restrained profit-taking from holders. According to Bitfinex, the adjusted Spent Output Profit Ratio (aSOPR) for Bitcoin is near 1.01, indicating that coins being spent onchain are realizing only modest profits. This reading is a far cry from the roughly 1.04 level reached during August's breakout, when more aggressive profit-taking was seen.
The contrast between now and then is notable, as the current rally has taken Bitcoin to its highest price since January without triggering a broad rush to sell into strength. This behavior aligns with recent signs of limited selling pressure as Bitcoin moved back toward levels that previously attracted heavier distribution from holders.
One reason for this restraint may be that holders are waiting for higher prices before taking profits, or that they believe the current advance has more room to run. Whatever the case, the end result is a stronger price move paired with lighter realized profit-taking, pointing to greater holder patience and potentially tighter available supply.
The recovery has also delivered a technical milestone, as Bitcoin closed above its 50-week moving average for the first time in 45 weeks. This marks a significant shift in market dynamics, as BTC had remained below this indicator on every weekly close since November 2025.