CryptoQuant reported that Bitcoin’s SOPR (Spent Output Profit Ratio) has broken out of an 11-month suppressed phase, signaling a potential shift in the market cycle. Short-term holder SOPR bounced above 1.0 after dipping below 0.95 multiple times, echoing patterns observed in early 2023 before Bitcoin’s historic rally. CryptoQuant’s proprietary PnL Index has crossed above its 365-day moving average, while Bitcoin trades within a $62,000 to $80,000 range. Bitcoin ETF inflows are adding structural demand pressure, tightening available supply in the market.
Source: Read the original article
