Bitcoin Price Analysis: BTC long-term holder SOPR has surged significantly, showing signs of profit taking and dumping.

Bitcoin (BTC) price is experiencing a short-term pullback, currently reported at around 118,500 USD during the Asian afternoon session today (23). Bitcoin has recently rebounded strongly to a historical high, causing several key on-chain indicators to show positive trends. However, the "Spent Output Profit Ratio" (SOPR) for long-term Bitcoin holders has surged significantly, indicating signs of profit-taking dumping.

Bitcoin long-term holder SOPR surges significantly

Bitcoin has performed strongly in this bull market, recently rising to a historic high. As a result, long-term BTC holders have firmly returned to the profit zone, with their SOPR indicator significantly increasing over the past few weeks.

After the price reached a historical high, the long-term holder SOPR of Bitcoin also rose, surpassing the mid-level and reaching a new high in 2025. Market expert and writer Gaah reported this positive development in the latest Quick-take study on the CryptoQuant platform.

Experts say that the rise in the SOPR (an indicator that measures the profits or losses realized from used Bitcoin) of long-term holders indicates an increase in the profit-taking behavior of these key investors. This may also boost the confidence of long-term investors who accumulated Bitcoin during past market cycles.

Despite the significant rise in key indicators, experts point out that it is still below the red zone that historically marks the peak of the BTC bull market cycle. This suggests that before a bear market potentially begins, this flagship asset still has the possibility of continuing its price pump and setting a new historical high.

Through the analysis of this indicator, we found that long-term holders have begun to sell, and the profit margin continues to expand. However, Gaah stated that the selling pressure has not yet reached a high level, and high levels usually occur during periods of market excitement and large-scale dumping.

In other words, despite the recent significant pump in BTC prices, this indicator has not yet reached the peak of the bullish cycle according to this signal.

(Source: Trading View)

Bitcoin grows significantly, the market remains hot

Data shows that the SOPR of BTC long-term holders is slightly above the 2.5 level, which is below the critical 4.0 level. Historically, when SOPR LTH reaches above the 4.0 region (shown in red on the chart), it indicates signs of a macro top. The current position of SOPR supports the view that Bitcoin may appreciate further before the upward cycle ends.

Although the market is still far from reaching its ultimate peak, Gaah indicated that this trend shows the market remains hot. At the same time, the expert urged investors to closely monitor the continuity of the trend as an indicator of the maturity of the cycle, while also not ignoring the possibility of significant pullbacks occurring in between.

(Source: Trading View)