Bitcoin SOPR enters profit zone.
The Bitcoin Spent Output Profit Ratio (SOPR) has returned to the profit zone with the recent rally above $30,000, according to on-chain data. Glassnode, an on-chain analytics firm, reports that investors are now selling their coins at a profit. The SOPR is an indicator that shows whether profit-taking or loss-taking is dominant in the Bitcoin market at present. Values of the metric above 1.0 indicate that the profits being realized by investors are higher than the losses, while values below this mark suggest the market as a whole is selling coins at a loss. The entity-adjusted SOPR has been mostly above 1.0 in recent months, indicating a profitable trend for investors. The retest of the 1.0 support line has historically acted as support during bullish trends, and the recent rebound in Bitcoin’s price towards the $30,000 mark suggests that investors are once again harvesting a large amount of profits. At the time of writing, Bitcoin is trading around $30,100, up 17% in the last week.