Despite Bitcoin’s price staying below the critical $30,000 mark, recent spikes in a key market metric, the Spent Output Profit Ratio (SOPR), suggest the market is in a profit-taking regime.
BTC has been flatlining around $29,200, unable to regain the $30,000 level it lost on July 23. While the market anticipates further sideways movements before breaking through the $30,000 resistance, a key on-chain metric suggests some market participants have already begun raking in profits.
The Spent Output Profit Ratio (SOPR), a key metric in market analysis, calculates the profit ratio of coins moved on-chain, measured by the price sold divided by the price paid. This metric has shown a significant increase in August. A SOPR score of 1 indicates break-even, above 1 signifies profit, and below 1 denotes a loss.
On August 3, the SOPR surged above 1, signaling that the market had started realizing profits. This surge followed a near-vertical drop to 0.94 on July 28, after a volatile month. This is
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