As the macroeconomic situation and market sentiment remain bullish, Bitcoin has responded significantly to these favorable factors, soaring to new highs. Meanwhile, BTC's strong rebound to historical highs has shown positive trends across several key on-chain indicators.
SOPR of long-term Bitcoin holders surges significantly
Bitcoin has performed strongly in this bull market, recently rising to an all-time high. As a result, long-term holders of BTC have firmly returned to the profit range, with their 'spent output profit ratio' (SOPR) metric rising significantly over the past few weeks.
After the price reached an all-time high, the SOPR (LTH) of BTC's long-term holders also increased, surpassing mid-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 say the rise in the SOPR (a metric that measures profits or losses realized from spent Bitcoin) among long-term Bitcoin holders indicates an increasing behavior of profit-taking among these key investors. This may also boost the confidence of long-term investors who accumulated Bitcoin during previous market cycles.
Despite the significant rise in key indicators, experts point out that it is still below the historical red zone that marks the peak of BTC bull market cycles. This suggests that this flagship asset may still extend its price rally and set new all-time highs before a bear market potentially begins.
By analyzing this metric, we find that long-term holders have started to sell, and the profit space is continually expanding. However, Gaah indicates that the selling pressure has not yet reached excessive levels, which typically occurs during periods of market euphoria and large-scale sell-offs. In other words, despite BTC's significant recent price increase, this metric has not yet reached the peak of the bullish cycle.
Despite significant growth, the market remains hot
Data shows that the SOPR of long-term BTC holders is slightly above the 2.5 level, below the critical level of 4.0. Historically, when the SOPR LTH reaches the 4.0 area or higher (marked in red on the chart), it indicates signs of a macro top. The current position of the SOPR supports the view that Bitcoin may appreciate further before the end of the upward cycle.
Although the market is far from a final top, Gaah states that this trend indicates the market is still hot. Meanwhile, the expert urges investors to closely monitor the continuity of this trend as an indicator of the cycle's maturation while also not ignoring the possibility of significant pullbacks during this period.
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