According to the trend in an on-chain indicator, an analyst has explained how Bitcoin may still need to reach the top of the current bull cycle.
Bitcoin aSOPR Hasn’t Yet Reached Levels Associated With Past Cycle Tops
As explained by an analyst in a CryptoQuant Quicktake post, the Bitcoin Adjusted Spent Output Profit Ratio (aSOPR) is yet to go as high as during the tops of the previous cycles.
The “SOPR” refers to a popular on-chain indicator that basically tells us whether cryptocurrency investors are selling their tokens at a profit or loss right now.
This metric works by going through the blockchain history of each coin sold to see what price it was transacted at before. If this previous price for any coin was less than the price it’s being sold now, then its sale is leading to profit realization.
Similarly, coins of the opposite type would imply loss-taking. The SOPR calculates the ratio between such profits and losses being realized across the network to provid
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