According to CryptoQuant analyst Oro Crypto (@oro_crypto), the Bitcoin adjusted spent output profit ratio (aSOPR) has remained above 1 for nine consecutive trading days since May 1, indicating that the market is continuously realizing profits through selling.

aSOPR is used to measure the profitability status of Bitcoin spent on the chain; a value greater than 1 indicates that the average Bitcoin being spent is sold at a profit, while less than 1 indicates a loss.

The special aspect of this signal is its persistence; the nine-day consecutive sequence reduces noise interference and shows that a substantial change has occurred in the market structure. The last similar continuous profit sequence appeared from October 19 to November 4, during which BTC also experienced multiple days of on-chain profit-taking.

From a market structure perspective, Bitcoin is absorbing profit-taking pressure, and the price structure has not deteriorated, indicating the market has sufficient capacity to absorb sell-offs. This reading does not necessarily mean entering a frenzy phase; it only shows that the market has shifted from a loss realization environment to a stage where participants are continuously profitable.

As long as aSOPR remains above 1, the market structure remains constructive: participants realize profits while the market maintains its absorption capacity. If the indicator continues to fall below the 1.0 threshold, the market will reclassify tokens as losses, weakening the current constructive signal.