Bitcoin SOPR Suggests Current Market Activity Resembles Early Bull Run Behavior

Despite Bitcoin reaching new highs, the BTC SOPR data may suggest current market activity resembles that of an early bull run. Bitcoin SOPR Shows Profit Taking Is Mild Despite New ATH As per the latest weekly report from Glassnode, the BTC SOPR shows that the current profit taking behavior of the market is mild, even though the crypto just reached new highs. The Spent Output Profit Ratio (or the SOPR in short) is a Bitcoin indicator that highlights whether holders as a whole are currently selling at a profit or not. The metric’s value is calculated by taking the ratio between the value of coins at the time holders bought them, and the price at which they sold them. Simply put, it’s price sold divided by price paid. When the indicator has values greater than one, it means the coins that were moved during the specific time period sold, on an average, at a profit. Related Reading | 10 Bullish Monthly Bitcoin Price Charts To Start November On the other hand, SOPR values lower than one would suggest holders sold their Bitcoin at a loss overall during the period. The metric’s value exactly equal to one means the market broke even. Now, here is a chart that shows the trend in the value of the aSOPR indictor, which is the normal SOPR adjusted to eliminate relay transactions and other noise by not taking into account spent outputs that moved within one hour of creation: The change in the BTC aSOPR over the course...