Who Is Taking the Profit?

Who-Is-Taking-the-Profit

BTC bounced back to around $80K, but the on-chain data doesn't show much LTH activity behind the move, so who is taking the profit?

The SOPR Ratio (LTH-SOPR / STH-SOPR) is at 0.88, so STHs are realizing relatively more profit than LTHs.

Looks like most of the profit-taking is coming from STHs, and LTHs are not really doing much.

This ratio only shows how LTH and STH profit realization compares; that's why we also need to check Adjusted SOPR (aSOPR). It gives us the broader picture of whether spent coins are actually being realized in profit or loss.

Looking at aSOPR, it's currently at 1.02, meaning BTC holders are still realizing profits overall.

Put the two metrics together, there's some profit-taking happening into the bounce, but nothing here looks particularly aggressive.

For now, that's a pretty healthy reaction. STHs are taking some profit, and LTHs are barely moving.