Bitcoin holders are barely taking profits even after the coin surged 47% from its July low, Bitfinex data shows. The muted selling comes as BTC trades near $86,000 and an onchain valuation metric crosses a threshold that has preceded past bull markets.
Bitcoin holders are showing little appetite to cash out despite a rally that has taken BTC up 47% over the past 24 hours from its summer low, according to data shared by exchange Bitfinex. The coin's adjusted Spent Output Profit Ratio (aSOPR) is hovering around 1.01, only slightly above the breakeven level that separates profit-taking from loss-realization on the network.
Profit-taking stays muted versus August
A reading above 1 shows coins moving at a profit on average, but Bitcoin's current level is far below where it stood during the previous breakout. Bitfinex noted that aSOPR climbed to roughly 1.04 during August's rally, well above where it sits now even as price has moved further. According to Bitfinex: "There is barely any selling to absorb".
Bitcoin clears a 45-week technical hurdle
BTC briefly sank below $58,000 in early July before reversing course and has now climbed above $86,000, its highest level since January. The advance also cleared a long-standing technical marker: Bitcoin closed the week ending Sept. 20 at $81,159, above its 50-week moving average of $78,786, the first weekly close above that line in 45 weeks. BTC had stayed below the average on every weekly close since November 2025.
Separately, Bitcoin touched $87,350 on Monday, its highest level since Jan. 29, according to Cointelegraph.
Onchain ratio points toward bull-market territory
Onchain analytics platform Glassnode flagged a separate signal: Bitcoin's market value to realized value (MVRV) ratio has crossed above its 365-day moving average, a cross Glassnode said also appeared at the start of the 2019 and 2023 bull markets. The ratio currently sits at 1.62, up from 1.19 on Aug. 16, though it remains far from the 3.7 level that has historically marked bull-market tops.
CryptoQuant separately said moving above the current 1.62 reading would confirm the reversal of the bear market, pointing to Bitcoin's all-time high of $126,200 as a price target in a blog post. That target sits well above where holders are currently taking profit.
Sources: U.Today, Cointelegraph
Trading involves risk.
Risk Disclaimer
