Bitcoin Price Recovery Strengthens as aSOPR Shows Sustained Profit-Taking

TLDR

• Bitcoin’s adjusted SOPR has stayed above 1.0 since May 1.
• A reading above 1.0 shows BTC is being spent at a profit on average.
• CryptoQuant said the nine-day streak shows sustained profit-taking.
• Bitfinex said Bitcoin’s move above $80,000 was led by spot demand.
• Bitcoin gained about 12% in April, its strongest monthly return in a year.

Bitcoin is showing renewed on-chain strength after its adjusted spent output profit ratio remained above the key 1.0 level for nine straight days, according to CryptoQuant data shared on May 11.

The adjusted spent output profit ratio, known as aSOPR, tracks whether Bitcoin being moved on-chain is sold at a profit or at a loss. A reading above 1 means coins are being spent at a profit on average, while a reading below 1 shows that holders are realizing losses.

The latest data shows that Bitcoin has stayed above the 1.0 level since May 1. Analysts said the length of the move matters because a short move above the threshold can be market noise, while a nine-day sequence shows a more durable shift in holder behavior.

Source: Cryptoquant

The reading suggests that Bitcoin holders are once again selling coins at a profit while the market continues to absorb that supply. That marks a change from earlier periods when weaker market conditions forced more investors to realize losses.

Bitcoin aSOPR Holds Above 1

The return of Bitcoin’s aSOPR above 1 shows that market participants are now spending coins at realized gains. This does not mean selling pressure has disappeared. Instead, it shows that buyers have so far absorbed profit-taking without a sharp breakdown in price structure.

CryptoQuant analyst Carmelo Alemán said the persistence of the move makes the signal more relevant. He compared the current stretch with a prior profitable-spending sequence that began in October 2025 and continued into early November.

From a market structure view, the current setup points to internal improvement. Bitcoin is being sold at a profit, but demand remains strong enough to prevent immediate price weakness.

The key level remains 1.0. If aSOPR stays above that mark, the reading remains constructive. A sustained drop below 1 would show that the market has returned to processing coins at a loss, which would weaken the current recovery signal.

Bitcoin’s price has held above the $80,000 area during this stretch. That resilience has drawn attention because profit-taking often slows rallies when buyers fail to absorb supply.

Spot Buying Drives the Move Above $80,000

Bitfinex Alpha said Bitcoin’s latest move above $80,000 came from stronger spot buying and long-term holder accumulation rather than a sharp buildup in derivatives leverage.

The report said Bitcoin gained about 12% in April, making it the asset’s strongest monthly return in the past year. The total crypto market added about $198 billion in value during the same period.

Bitcoin moved above $80,000 earlier in May and cleared a major sell zone between $78,000 and $79,000. Bitfinex said the move also pushed BTC above its True Market Mean near $79,800. The indicator tracks a realized average cost level and is often used to assess broad market positioning.

Spot cumulative volume delta has also risen since May 8. That data suggests buyers have been taking available sell-side liquidity directly in spot markets.

The report said exchange-traded fund inflows and spot accumulation have led the recovery. Bitfinex also estimated that holdings by conviction buyers recently approached 4 million BTC, marking the largest increase since the Covid-19 pandemic period.

Macro Data Adds Mixed Market Signals

Bitcoin’s recovery is taking place while macroeconomic data sends mixed signals. U.S. nonfarm payrolls rose by 115,000 in April, beating market expectations of 55,000. The unemployment rate stayed at 4.3%.

Bitfinex described the economy as moving through a “low-hire, low-fire” phase. Hiring has slowed, but layoffs have not increased sharply.

Consumer sentiment moved in the opposite direction. The index fell to 48.2, the lowest level since the data series began in 1952. Bitfinex said the gap between labor data and consumer confidence shows that economic signals are becoming less aligned.

The report also said consumption remains supported by credit spending and a low savings rate. That pattern may keep demand active in the short term, but it also raises questions about household financial strength if borrowing costs remain elevated.

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