In July 2025, Bitcoin's SOPR metric experienced a significant surge, indicating widespread profit realization among holders of coins that are over 155 days old.
Bitcoin SOPR Metrics
The recent spike in Bitcoin's SOPR marks a substantial profit-taking phase. This event coincides with Bitcoin nearing its all-time high of approximately $124,000.
Market and Long-Term Holders
Data for the SOPR metric is provided by Glassnode, a leading company in blockchain analytics. While the firm did not comment on the specific figure of 273x, this spike exemplifies the behavior of long-term holders realizing profits.
Forecasts and Implications
Experts like Axel Adler note moderate selling pressures, highlighting unmet peaks from previous SOPR cycles. According to Adler, 'Moderate selling pressure exists as the current SOPR remains below previous peaks... Future price action depends on whether Bitcoin can surpass resistance levels and maintain buyer demand without significant corrections.'
The medium-term outlook for Bitcoin suggests a potential accumulation phase, as profit realization approaches exhaustion. Historically, such phases have led to significant price consolidations followed by potential bullish trends.
