Market back in profit-taking mode despite flat Bitcoin shows key metric

Despite Bitcoin’s price staying below the critical $30,000 mark, recent spikes in a key market metric, the Spent Output Profit Ratio (SOPR), suggest the market is in a profit-taking regime.

BTC has been flatlining around $29,200, unable to regain the $30,000 level it lost on July 23. While the market anticipates further sideways movements before breaking through the $30,000 resistance, a key on-chain metric suggests some market participants have already begun raking in profits.