The article discusses Bitcoin’s current market dynamics, highlighting that the realized profit is at 104,000 BTC (~$1.1 billion), significantly below the key threshold of 350,000 BTC. Although Bitcoin reached a new all-time high of $112K, investor behavior has shifted. Unlike previous cycles where profits surged significantly, this time many holders are retaining their BTC and delaying sales despite potential profits.
The SOPR (spent output profit ratio) has declined for five consecutive days, indicating a reluctance to sell among both whale and retail investors, with whale exchanges seeing reduced inflows. This suggests a more cautious approach, as holders anticipate further price increases rather than capitalizing on short-term gains.
Despite the current trend indicating accumulation rather than distribution—evidenced by more BTC being withdrawn from exchanges—the market sentiment remains bullish, with expectations for Bitcoin to reclaim and possibly exceed $100K. If Bitcoin dips below $106K, consolidation around the $104K mark may occur. Overall, the shift in investor sentiment reflects increased confidence in Bitcoin’s long-term prospects.
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