Bitcoin's aSOPR Indicator Signals Sustained Profitability

Bitcoin's adjusted Spent Output Profit Ratio (aSOPR) has returned to a structurally significant zone, according to ChainCatcher. Analyst Oro Crypto noted that the indicator has remained above 1 for nine consecutive days since May 1, indicating ongoing profitable selling in the market. aSOPR measures whether spent Bitcoin is in profit or loss, with values above 1 suggesting profitable sales and values below 1 indicating losses. The current signal's persistence over nine days reduces noise interference, showing a substantial shift in market structure. A similar profitable sequence last occurred from October 19 to November 4, 2025, when Bitcoin also experienced consecutive days of profitable on-chain spending. From a market structure perspective, this suggests Bitcoin is absorbing selling pressure from profit-taking without immediate price deterioration, demonstrating sufficient market absorption capacity. While this does not necessarily indicate a market frenzy, it shows a shift from a loss-making environment to one where participants consistently realize profits. As long as aSOPR remains above 1, the market structure remains constructive, with participants cashing in profits while maintaining absorption capacity. A sustained drop below the threshold of 1 would signal a return to loss-making transactions, weakening the current constructive signal. Bitcoin is not only being sold in a profitable state again, but this process is also showing persistence. This persistence transforms aSOPR into a constructive signal reflecting internal market improvements, marking the most significant positive sequence since October to November 2025.