Bitcoin’s Adjusted SOPR (aSOPR) has returned to a structurally relevant zone.
The SOPR (Spent Output Profit Ratio) measures whether spent coins on the blockchain are moving at a profit or at a loss. A value above 1 indicates that, on average, spent BTC are being realized at a profit. A value below 1 indicates that the market is processing coins at a loss.
Since May 1, Bitcoin’s aSOPR has remained above 1 for 9 consecutive days.
The signal is relevant not only because the metric has returned to positive territory, but because of its persistence. A 9-day sequence reduces the possibility of noise and shows that the shift is sustained.
The closest comparable sequence began on October 19, 2025 and extended until November 4, 2025, a period in which BTC also sustained several consecutive days of profitable on-chain spending.
From a market-structure perspective, this suggests that Bitcoin is absorbing profit-taking without immediate deterioration in price structure. Coins are being realized at a profit, but the market has shown sufficient absorption capacity so far.
This reading does not necessarily imply a euphoric phase, but rather a transition from an environment of loss realization toward a market where participants are once again realizing profits in a sustained way.
As long as aSOPR remains above 1, the reading remains constructive: participants are realizing profits, while the market maintains absorption capacity.
The key invalidation level is clear. A sustained loss of the 1.0 threshold would indicate that the market is once again processing coins at a loss, weakening the current constructive reading.
For now, the conclusion is clear: Bitcoin is not only being sold at a profit again; it is happening persistently. That persistence turns aSOPR into a constructive signal of internal market improvement, with the most relevant positive sequence since October-November 2025.
By Carmelo AlemánOn-Chain Analyst | CryptoQuant Verified
