Analysis: Most BTC sold on-chain are currently in a profitable state, with strong buying pressure being a typical characteristic of a bull market.

BlockBeats news, September 19th, Glassnode pointed out that Bitcoin's entity-adjusted SOPR (Spent Output Profit Ratio) 7-day moving average has climbed back above the breakeven line of 1.00. This indicates that the majority of coins sold on-chain are currently in profit, yet the price has not immediately fallen in response, suggesting that buying pressure is strong enough to absorb profit-taking selling, a typical characteristic of a bull market.

If this metric continues to stay above 1, it reflects steady demand; if it falls back below 1, it means this absorbing force is fading. In the accompanying chart, the orange line represents the adjusted SOPR, the gray line represents the BTC price, the green area indicates overall profitable selling, and the red area indicates overall loss-making selling.