As the macroeconomic situation and market sentiment continue to be bullish, Bitcoin has responded significantly to these positive factors, soaring to new highs. Meanwhile, BTC's strong rebound to all-time highs has led several key on-chain indicators to show positive trends.
SOPR for long-term Bitcoin holders has surged significantly.
Bitcoin has performed strongly in this bull market, recently rising to an all-time high. As a result, BTC's long-term holders have firmly returned to the profit zone, with their SOPR metric significantly increasing over the past few weeks.
After the price reached an all-time high, the SOPR (Spent Output Profit Ratio) of long-term Bitcoin holders also rose, surpassing mid-range levels and setting new highs in 2025. Market expert and writer Gaah reported this positive development in the latest Quick-take study on the CryptoQuant platform.
Experts indicate that the rise in SOPR for long-term holders of Bitcoin (a measure of profits or losses realized from spent Bitcoin) suggests an increased profit-taking behavior among these key investors. This may also boost the confidence of long-term investors who accumulated Bitcoin during previous market cycles.
Despite significant increases in key indicators, experts point out that it remains below the red zone that historically marks the peak of BTC bull market cycles. This suggests that this flagship asset may still extend its price rally and reach new all-time highs before a bear market possibly begins.
By analyzing this metric, we find that long-term holders have begun to sell, with profit margins continually expanding. However, Gaah states that the selling pressure has not yet reached excessive levels, which typically occurs during periods of market excitement and large-scale selling. In other words, despite the recent significant rise in BTC prices, this indicator has not yet reached the peak of a bullish cycle.
Despite significant growth, the market remains hot.
Data shows that the SOPR for BTC long-term holders is slightly above 2.5, below the critical level of 4.0. Historically, when SOPR LTH reaches above the 4.0 area (indicated in red on the chart), there are signs of a macro top. The current position of SOPR supports the view that Bitcoin may appreciate further before the end of the upward cycle.
Although the market is still far from its ultimate peak, Gaah indicates that this trend suggests the market remains hot. Meanwhile, the expert urges investors to closely monitor the continuity of the trend as an indicator of the cycle maturing, while also not overlooking the possibility of significant corrections occurring in between.
