CryptoMe2025-07-11

Bitcoin Hits $120K, But SOPR Says 'Not Yet': Why This Bitcoin Run Might Not Be Over?

Even though the price has quickly risen to nearly $120K and hit a new ATH, short-term holders (those holding BTC for less than 155 days) haven’t started selling with big profits yet. As we can see from the STH Realized Price, their average buy price is around $100,000, meaning they are currently up about 17 - 18%. To start selling bitcoin, we should see profit-taking behavior, the orange line in the first chart needs to move into the red zone, which shows stronger profit realization. But for now, the market doesn’t show signs of being overheated with excessive selling from profitable short-term holders. On the other hand, in the derivatives market, although Open Interest is increasing, funding rates remain around neutral / slightly positive. This means investors are not opening aggressive long positions using high leverage with FOMO. So even though the price is rising, there is still room for the market to heat up further. The data shows the sentiment is still cool.