Bitfinex has highlighted an unusual dynamic in Bitcoin’s latest recovery: despite a 47% climb from its July low, holders are largely refraining from taking profits. The exchange noted that Bitcoin's adjusted Spent Output Profit Ratio (aSOPR) is hovering around 1.01, meaning coins are changing hands only slightly above breakeven.
This contrasts with Bitcoin’s previous breakout in August, when aSOPR reached approximately 1.04. According to Bitfinex, the current reading suggests there is 'barely any selling to absorb,' a condition that could reduce downward pressure and support further upside if demand remains steady.
Bitcoin’s recovery has taken it from below $58,000 in early July to above $86,000, its highest level since January. The cryptocurrency also closed the week ending September 20 at $81,159, above its 50-week moving average of $78,786—the first weekly close above that indicator in 45 weeks.
The muted profit-taking and technical improvement may signal growing investor confidence. Analysts suggest traders watch whether low realized profit conditions persist, as sustained holder discipline could be an important factor for Bitcoin’s next move.
