Bitcoin’s Bullish Surge: Insights into Market Performance
In a climate where favorable macroeconomic factors and market optimism prevail, Bitcoin has demonstrated a significant ascent, climbing to unprecedented levels. This surge in Bitcoin’s value has brought about a notable shift in several critical on-chain metrics, now showing a positive trend.
Significant Increase in Long-Term Bitcoin Holders’ SOPR
This bull market has seen Bitcoin display a strong upward trajectory, recently achieving a new peak. Consequently, long-term Bitcoin holders are now enjoying profitable territory. This is evidenced by the sharp rise in the Spent Output Profit Ratio (SOPR) indicator over recent weeks.
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Understanding the SOPR Indicator
The SOPR for Long-Term Holders (LTH) surpassed the mid-range and reached new heights in 2025, as noted in a recent analysis by Gaah, a respected market analyst, on the CryptoQuant platform. The increase in SOPR, which measures the realized profit or loss of spent coins, signals a heightened profit-taking behavior among these key investors. This trend could also bolster confidence among long-term Bitcoin investors, who have built up their holdings throughout previous market cycles.
Despite the rise in this key metric, it remains below the critical red zone, historically associated with the peaks of Bitcoin’s bullish cycles. This suggests that Bitcoin’s price rally could continue, potentially reaching another all-time high before a possible bear market sets in.
Analyzing the Selling Pressure
Analysis of the metric reveals that long-term holders are beginning to sell at increasing profit levels. However, Gaah notes that the current selling pressure has not reached the excessive levels typically seen during periods of euphoria and widespread distribution. This implies that, according to this signal, the bullish cycle has not yet peaked, despite Bitcoin’s recent price surge.
Market Dynamics: A Heated Environment Despite Rising Metrics
Current data indicates that the Bitcoin SOPR for long-term holders is slightly above 2.5, yet below the critical 4.0 threshold. Historically, a macro peak is often indicated when the SOPR LTH exceeds the 4.0 mark, highlighted in red on the chart. The current position of the SOPR suggests that additional appreciation is possible before the rising cycle concludes.
While the market has not yet reached a definitive peak, Gaah advises investors to monitor the trend’s continuation as the cycle matures, while remaining aware of potential significant corrections.
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