The Spent Output Profit Ratio (SOPR) has remained moderately elevated but stable above 1, even as Bitcoin pushed to a new all-time high of $122K. This suggests that while some profit-taking occurred, especially around July 3–4 with a sharp SOPR spike, the market did not enter a phase of panic selling or aggressive distribution.
The data points to a healthy price discovery environment where short-term holders are realizing profits, but without overwhelming sell pressure. This behavior often supports trend continuation in strong bullish cycles.
Written by Enigma Trader
