Analysis: The majority of BTC sold on-chain are currently profitable, and strong buying pressure is a typical hallmark of a bull market.
1 hours ago
Glassnode notes that Bitcoin’s entity-adjusted Spent Output Profit Ratio (SOPR) 7-day moving average has reclaimed the 1.00 break-even threshold. This means most on-chain sold tokens are in profit, yet the price has not immediately pulled back—signaling strong enough buying demand to absorb profit-taking selling pressure, a hallmark of a bull market. If the indicator remains above 1, it reflects robust demand; a drop back below 1 would indicate this supporting force is fading. The accompanying chart’s orange line is the adjusted SOPR, gray line tracks BTC price, green areas denote overall profitable sales, and red areas represent overall loss-making sales.
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