666
Post
生蚝哥Oyster
·
--
BullishEntity Adjustment SOPR Reclaims 1: This isn’t “we finally became profitable”—it’s the bull market casting votes with real money.
On September 19, data showed that Bitcoin’s Entity-Adjusted SOPR (Spent Output Profit Ratio) 7-day moving average regained the 1.00 breakeven level.
In plain terms: most of the coins being sold on-chain right now have left with a profit. Yet the price hasn’t been immediately smashed down—this suggests the other side has a strong enough buy wall to keep stepping in.
This is a classic bull-market signal—not that no one is taking profits, but that someone is willing to buy at higher prices.
The green area represents overall profitable selling, while the red area represents overall loss-making selling. The orange line is the adjusted SOPR, and the gray line is the BTC price. As long as SOPR keeps staying above 1, it indicates demand is still there. Once it drops back below 1, it means this wave of support power is starting to fade.
My take:
Many people interpret a SOPR above 1 as “profit-taking has cleared out, and the market is ready to keep rising.” I’m more inclined to view it as a litmus test for market structure. A truly healthy bull market isn’t one where SOPR never falls below 1—it’s one where every pullback near 1 gets quickly bought back up. If, over the next few days, SOPR can hold steady and even move higher while the price rises in sync, that would indicate the main capital is still using action to confirm that “the current price is worth buying.” Conversely, if the price goes sideways or drops while SOPR quickly falls back below 1, be cautious—this support may be nothing more than a short-term game.
On-chain indicators never determine direction by themselves, but they can expose early whether selling pressure has truly been digested. At this point, it’s more informative than just looking at price alone.
Keep watching.
On September 19, data showed that Bitcoin’s Entity-Adjusted SOPR (Spent Output Profit Ratio) 7-day moving average regained the 1.00 breakeven level.
In plain terms: most of the coins being sold on-chain right now have left with a profit. Yet the price hasn’t been immediately smashed down—this suggests the other side has a strong enough buy wall to keep stepping in.
This is a classic bull-market signal—not that no one is taking profits, but that someone is willing to buy at higher prices.
The green area represents overall profitable selling, while the red area represents overall loss-making selling. The orange line is the adjusted SOPR, and the gray line is the BTC price. As long as SOPR keeps staying above 1, it indicates demand is still there. Once it drops back below 1, it means this wave of support power is starting to fade.
My take:
Many people interpret a SOPR above 1 as “profit-taking has cleared out, and the market is ready to keep rising.” I’m more inclined to view it as a litmus test for market structure. A truly healthy bull market isn’t one where SOPR never falls below 1—it’s one where every pullback near 1 gets quickly bought back up. If, over the next few days, SOPR can hold steady and even move higher while the price rises in sync, that would indicate the main capital is still using action to confirm that “the current price is worth buying.” Conversely, if the price goes sideways or drops while SOPR quickly falls back below 1, be cautious—this support may be nothing more than a short-term game.
On-chain indicators never determine direction by themselves, but they can expose early whether selling pressure has truly been digested. At this point, it’s more informative than just looking at price alone.
Keep watching.
Disclaimer: Includes third-party opinions. No advice. Binance AI may be used without guarantee. See T&Cs.