Key metrics point to further bitcoin price gains
A moderate increase in spending of "old" coins, combined with a decrease in leverage in the perpetual contracts market, indicates a continued bullish picture for bitcoin. This is the opinion of Glassnode analysts.
After updating to an all-time high, Spent Output Profit Ratio (SOPR) values are consistent with signs of an early bull market. Holders are waiting for higher prices, unwilling to move coins at current levels.
Keeping aSOPR above 1 indicates the market's ability to absorb seller pressure without meaningful bear price pressure.
Analysts looked at the Net Unrealized Profit/Loss (NUPL) difference between unrealized gains and losses based on the last coin move, as applied to coin holders over 155 days. It remained in the zone of 0.5-0.75.
