Bitcoin has seen a significant rebound in price since hitting a low on September 15th. The price of BTC has surged from $74,965 to $81,502, marking a 9.15% recovery. However, on-chain data suggests that the recent profit-taking is primarily driven by short-term holders rather than long-term holders.
The SOPR Ratio, which compares the profit realization between long-term holders and short-term holders, currently stands at 0.88. This indicates that short-term holders are realizing more profits than long-term holders. In other words, newer participants in the market are the ones driving the recent profit-taking activity, while long-term holders remain relatively inactive.
While the SOPR Ratio provides valuable insights into profit realization, it doesn’t tell the whole story. This is where the Adjusted SOPR (aSOPR) comes in. The current reading of aSOPR is 1.02, indicating that Bitcoin holders are still realizing profits overall. When both metrics are considered together, it becomes clear that profit-taking is occurring during the rebound, but there is no evidence of aggressive selling.
As Bitcoin price approaches the May 2026 high of $82,322, it faces a crucial test. If BTC is able to surpass this level, the next potential target is $90,000. However, if it faces rejection, the price could drop back to $76,350 and $73,280 as support levels. The key question now is not just who is taking profit, but whether short-term selling pressure can prevent Bitcoin price from breaking above $82,322.
In conclusion, the recent rebound in Bitcoin price has been driven by short-term holders realizing profits, while long-term holders remain relatively inactive. As BTC approaches a key resistance level, the market is at a critical juncture. Whether Bitcoin can continue its upward momentum or face a pullback remains to be seen.