Short-term holders returned to profit as Bitcoin crossed $99K in May 2025, signaling renewed bullish momentum across the market cycle.
SOPR near 1.005 reflects modest gains for recent buyers and suggests the current uptrend may extend without triggering heavy selling pressure.
From 2023 to 2025, STH profit-taking consistently preceded pullbacks while loss-selling often signaled upcoming rallies, highlighting market rhythm.
Bitcoin surpassed $99,000 in May 2025, reports Darkfost on X, bringing short-term holders (STHs) back to profit. The achievement followed a two-year volatile cycle that was characterized by extreme price swings and evident behavioral trends among STHs. Their return to profitability, as indicated by the Spent Output Profit Ratio (SOPR) crossing over 1.0, signifies a new wave of market momentum. Moreover, SOPR now stands near 1.005, indicating small but consistent profits for recent buyers.
Clear Cycles in Short-Term Holder Behavior
The price of Bitcoin increased from $15,000 to over $100,000 between January 2023 and May 2025. During this time, STH-SOPR Multiples were quite variable. The multiples help determine whether short-term holders are selling in profit or loss. A value above 1.0 is a sign of profitability.
Source: Darkfost
When Bitcoin surged to $30,000 in early 2023, STHs made money. Beyond 1.03, SOPR Multiples surged. However, volatility reappeared by the middle of 2023. The prices ranged from $25,000 to $30,000. The selling of STHs varied between a profit and a loss.
Late 2023 sparked a powerful uptrend. Bitcoin broke $40,000, and profit-taking surged. SOPR values remained elevated, showing sustained positive sentiment. Early 2024 continued this trajectory, pushing Bitcoin to $70,000. However, a correction forced STHs back into loss-selling, initiating a quieter period through mid-2024.
Profit-Taking vs Regret in Bull Markets
By September 2024, Bitcoin reignited its rally. It surpassed $90,000 and crossed $100,000. Interestingly, STHs initially sold in profit. But as prices climbed, many shifted to loss-selling—likely reflecting poor entry timing or early profit-taking regret.
A pullback to $80,000 in early 2025 brought renewed caution. Yet, May 2025 shows another turnaround. STHs have re-entered profit territory. This signals a potential continuation of bullish momentum. High SOPR values around 1.03 often precede selling pressure. However, the current level of 1.005 suggests mild profit-taking without much market strain. Hence, the rally might just be heating up.
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