Bitcoin SOPR Metric Breaks with Bear Market Behavior
A key onchain metric for Bitcoin has seen its longest profit streak of the year so far.
The spent output profit ratio (SOPR), which measures the extent to which coins moving onchain are sold at a higher price than they were bought, has been above its breakeven level of 1 since August 19.
This indicates that investors are mostly selling their Bitcoin holdings for a profit, a sign of overall bullish market momentum. The current SOPR value is 1.002, and this signal has now endured for three weeks.
Analysts at Checkonchain pointed out that in bear markets, rallies back into profit tend to get sold, but in bull markets, short sharp moves below break-even can become buy-the-dip setups. The current structure is starting to look more like those early bull-market recoveries.