Bitcoin Holders Remain Bullish Despite 47% Price Surge
Bitcoin's recent price surge has left many wondering if holders are cashing in on their gains. According to data from Bitfinex, the answer is no, at least not yet. The exchange noted that Bitcoin's Adjusted Spent Output Profit Ratio (aSOPR) is currently hovering around 1.01, indicating that holders are only just breaking even.
This reading is significant because it suggests that holders are not rushing to sell their coins despite the impressive 47% rally over the past 24 hours. In fact, Bitfinex noted that there is 'barely any selling to absorb' the price increase.
The muted profit-taking comes as Bitcoin continues its dramatic recovery from the summer sell-off. After briefly sinking below $58,000 in July, BTC has now climbed above the $86,000 level and reached its highest price since January.