The SOPR (Spent Output Profit Ratio) indicator for long-term holders (LTH) has just reached its 2025 high, surpassing the mid-range and indicating increasing profit-taking behavior on the part of these long-term investors.
Despite the advance, the indicator is still below the red zone that has historically marked Bitcoin's cycle tops.
LTHs are starting to sell with more and more profit, but not yet at excessive levels, which normally occurs in periods of euphoria and mass distribution. In other words, despite the recent rise in Bitcoin's price, we haven't yet reached the peak of the bullish cycle, according to this indicator alone.
Historically, when the SOPR LTH reaches the region above 4.0, marked in red on the chart, we have clear signs of a macro top. At the moment, the indicator is slightly above 2.5, which reinforces the thesis that there is space for further appreciation before a possible exhaustion of the upward cycle.
This behavior indicates a heated market, but still far from a final top. Investors should monitor the continuation of this trend as a sign of the cycle's maturation, without ignoring the risks of significant corrections along the way.
Written by G a a h
