The adjusted Spent Output Profit Ratio (SOPR) for Bitcoin has stabilized and is now in a structurally significant range. Since the 1st of May, the SOPR has been above 1 for nine days in a row, indicating that Bitcoin is being spent profitably. Along with SOPR, the MVRV ratio also suggested the shift from a market experiencing loss to one where participants are once again experiencing steady profits. However, the low realized profits and subdued speculative activity compared to the 2025 rallies indicate that Bitcoin is no longer behaving like a market outlier.
The adjusted SOPR (Spent Output Profit Ratio) for Bitcoin has stabilized and is now in a structurally significant range. Since the 1st of May, the SOPR has been above 1 for nine days in a row, indicating that Bitcoin is being spent profitably.
However, the nine-day run attests to the fact that the profit is sustained rather than a one-time event. Notably, such a long run was last observed on the 19th of October, 2025, and lasted for 17 days until the 4th of November, 2025. Bitcoin is absorbing profit-taking without experiencing an immediate decline in price structure, but the situation is not yet bullish.
The current positive reading would be weakened if the SOPR fell below the 1 threshold, which would mean that the market is once again processing coins at a loss. Other on-chain metrics like the MVRV ratio and NRPL also suggested that Bitcoin was stabilizing and investor profitability was increasing, albeit not to the same degree as the 2025 rallies.
The recent spike in Bitcoin's price and higher profitability imply that the market has shifted from a market experiencing loss to one where participants are once again experiencing steady profits, but the low realized profits and subdued speculative activity compared to the 2025 rallies indicate that Bitcoin is no longer behaving like a market outlier
Bitcoin Spent Output Profit Ratio (SOPR) Profitable Spending Shift From A Market Experiencing Loss To One W Diluted Realized Profits Spekulative Activity
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