Analyst: Bitcoin aSOPR has been above 1 for 9 consecutive days, and the market continues to realize profits and sell.

Mars Finance News, on May 11, CryptoQuant analyst Oro Crypto (@oro_crypto) stated that Bitcoin’s adjusted spent output profit ratio (aSOPR) has returned to a structurally critical zone after correction. Since May 1, this indicator has maintained above 1 for nine consecutive trading days, indicating that the market is continuously realizing profits through selling. aSOPR is used to measure whether the Bitcoin being spent on-chain is in profit or loss; a value greater than 1 indicates that, on average, the BTC being spent is sold at a profit, while less than 1 indicates a loss. The special aspect of this signal is its persistence; a nine-day consecutive sequence reduces noise interference and shows that the market structure has undergone a substantial change. The last similar continuous profit sequence appeared from October 19 to November 4, 2025, during which BTC also experienced multiple days of on-chain profit spending. From a market structure perspective, this indicates that Bitcoin is absorbing profit-taking pressure, and the price structure has not immediately deteriorated; the market currently shows sufficient absorption capacity. This reading does not necessarily mean entering a frenzy phase but indicates that the market has shifted from a loss realization environment to a stage where participants are continuously realizing profits. As long as aSOPR remains above 1, the market structure remains constructive: participants are cashing in profits while the market maintains its absorption capacity. The key failure level is clear: if the indicator continues to fall below the 1.0 threshold, it means the market is resuming token handling at a loss, which will weaken the current constructive signals. Bitcoin is not only being sold again in a profit state, but this process is also persistent. This persistence turns aSOPR into a constructive signal reflecting internal market improvement, marking the most significant positive sequence since October to November 2025.