Glassnode said on Sept. 19 that Bitcoin’s entity-adjusted Spent Output Profit Ratio, or SOPR, 7-day moving average has moved back above the 1.00 break-even level. The reading suggests that most BTC now being sold on-chain is being sold at a profit. Even so, the price has not immediately pulled back, which Glassnode said points to buying demand strong enough to absorb profit-taking pressure. The firm described that setup as a typical feature of a bull market. Glassnode added that if the indicator stays above 1, it would signal that demand remains firm. A move back below 1, by contrast, would suggest that this absorbing force is fading. In the accompanying chart, the orange line represents adjusted SOPR, the gray line shows BTC price, the green area marks aggregate selling at a profit, and the red area marks aggregate selling at a loss.
Glassnode said on Sept. 19 that Bitcoin’s entity-adjusted Spent Output Profit Ratio (SOPR) 7-day moving average has climbed back above the 1.00 break-even line.
That indicates that most tokens currently being sold on-chain are being sold at a profit. At the same time, the price has not immediately moved lower, a sign that buying demand remains strong enough to absorb profit-taking pressure. Glassnode said this is a typical feature of a bull market.
The firm added that if the indicator continues to hold above 1, it would reflect steady demand. If it falls back below 1, that would suggest the market’s absorbing strength is fading.
In the chart, the orange line represents adjusted SOPR, the gray line represents BTC price, the green area shows aggregate selling in profit, and the red area shows aggregate selling in loss.
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