The price of Bitcoin has seen a significant rebound since dipping on September 15. However, on-chain statistics indicate that the profit-taking isn’t primarily driven by long-term holders. The value of BTC surged from $74,965 to $81,502, which is a 9.15% increase, while the Spent Output Profit Ratio (SOPR) data shows that mainly short-term holders are cashing in their profits.
Bitcoin Price Recovery Encourages Short-Term Profit-Taking
The current SOPR Ratio, which compares long-term holders’ SOPR to that of short-term holders, is at 0.88. This implies that short-term holders are realizing profits at a greater rate compared to long-term holders.
In effect, the active traders are predominantly newer market participants, while long-term holders are largely remaining inactive.
This distinction is significant. An increase in Bitcoin’s price, combined with minimal activity from long-term holders, does not indicate that a major profit-taking scenario is occurring among the older supply, according to the data provided.
aSOPR Indicates Ongoing Profit Realization
The SOPR Ratio alone offers only a partial view. It assesses profit realization between short-term and long-term holders.
Here, the Adjusted SOPR (aSOPR) provides a fuller picture. Currently, the aSOPR is at 1.02, indicating that Bitcoin holders are collectively still in a profit-taking phase.
When considering both metrics, it becomes clear that while some profit-taking is apparent during this price rebound, the data does not indicate a particularly vigorous selling trend.
At this moment, short-term holders are taking advantage of some gains while the long-term holders seem relatively dormant.
Bitcoin Approaches May High of $82,322
Bitcoin’s chart reveals a critical test ahead as it nears the May 2026 high of $82,322 after hitting $81,502.
This resistance level is crucial in the current technical landscape. If Bitcoin surpasses $82,322, the next target could be $90,000.
Conversely, a rejection at this level could rapidly alter the situation, potentially bringing Bitcoin back to support levels around $76,350 and $73,280.
Thus, the focus isn’t only on who is realizing profits but also on whether short-term selling can inhibit Bitcoin’s price momentum before BTC price manages to break the $82,322 barrier.
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