2026-01-02 22:23:10

Interesting changes in on-chain Bitcoin data. The Spent Output Profit Ratio (SOPR) has been hovering around the neutral level of 1.0 since the end of December, indicating that most investors are selling Bitcoin at or near cost basis.

This is different from the large-scale capitulation seen in the past. Historically, every market panic has been accompanied by a frenzy of investors selling at a loss—SOPR would significantly drop below 1.0. But the current data picture is completely different.

What does the current behavior indicate? orderly profit-taking and capital preservation exits. In other words, the market is not in a state of irrational selling but appears relatively calm. This detail is worth pondering— it suggests that a bottom consensus may be gradually forming rather than panic spreading.

BTC0,72%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

16 Likes

Reward
16
7
Repost
Share

Comment

0/400

ParanoiaKing

· 22h ago

Hmm, this data is indeed interesting. Not seeing panic selling actually feels a bit more stable... Breaking even and taking profits are mixed together, so it seems there aren't as many irrational sell-offs anymore. SOPR hovers around 1.0, indicating that everyone's mentality is still relatively calm? This time, it seems truly different. It sounds like a bottom consensus signal, but... whether it's real or not depends on how things develop later. The absence of large-scale losses and sell-offs speaks volumes.

View OriginalReply0

ChainWallflower

· 22h ago

Hmm... SOPR贴1.0, what does this indicate? It means the big players are still not panicking. --- This wave is different. I haven't seen any hysterical dumping, instead, there's a bit of calmness. --- Breaking even and exiting ≠ cutting losses and fleeing; the details are very different. --- Is the bottom consensus gradually forming? Then let's just wait patiently. --- True panic is SOPR crashing; currently, this calmness is somewhat abnormal. --- It feels like everyone is holding back, no one wants to be the first to surrender. --- Staying calm is a good thing, at least it's not irrationally selling off.

View OriginalReply0

SchrodingersPaper

· 22h ago

Hey, about this SOPR thing... To put it nicely, it's calm, but I feel like everyone is just pretending to be cool Wait, bottom consensus? Bro, are you serious? You said the same thing last year...

View OriginalReply0

SelfStaking

· 22h ago

SOPR 1.0 is quite interesting in this detail, indicating that big players are still staying rational and not engaging in hysterical dump-offs.

View OriginalReply0

NotFinancialAdviser

· 22h ago

Hmm... The SOPR贴1.0 thing is indeed interesting, indicating that big players are not panicking and selling off.

View OriginalReply0

BloodInStreets

· 22h ago

Wait, SOPR hovering around 1.0? What does this mean—no one is really panicking. In the past, big drops meant bloodbaths, but now it seems a bit more restrained. Interesting, it looks like institutions are quietly accumulating, and retail investors aren't frantically cutting losses. I've heard the phrase "bottom consensus" many times, but the data does seem a bit different.

View OriginalReply0

MidnightGenesis

· 22h ago

The fact that SOPR stays around 1.0 is indeed not simple from a code logic perspective. In previous years, panic selling often broke through the bottom, but now there's an orderly exit... Monitoring shows that market sentiment has changed. It is worth noting that the bottom consensus is really gradually taking shape.

View OriginalReply0