In the past week, spent output profit ratio (SOPR) data showed the market was in a profit-taking phase, influenced mainly by long-term holders. Between Sept. 6 and Sept. 13, Bitcoin’s spike from $53,900 to $60,500 was accompanied by an increased adjusted SOPR (aSOPR), indicating that coins spent during this period were sold at a profit.
During the weekend, BTC consolidated around $58,900, which led to a slight dip in aSOPR. This minor decrease indicates a pause in profit-taking rather than a shift towards loss realization. The market appeared to stabilize, hinting at a short-term equilibrium rather than a reversal in sentiment.
Graph showing Bitcoin’s adjusted spent output profit ratio (aSOPR) from Aug. 16 to Sep. 16, 2024 (Source: CryptoQuant)
The SOPR Ratio, which compares the profitability of long-term holders to short-term holders, showed a sharp increase between Sept. 12 and Sept. 15. This rise points to substantial profit realization by long-term holders, a behavior that hist

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