[Analysis: Most BTC sold on-chain currently is in a profitable state, strong buying pressure is a typical bull market characteristic] BlockBeats news, September 19, Glassnode pointed out that the 7-day moving average of Bitcoin's entity-adjusted SOPR (Spent Output Profit Ratio) has once again risen above the breakeven line of 1.00. This indicates that most tokens sold on-chain are currently in a profitable state, and the price has not immediately declined as a result, suggesting that buying pressure is strong enough to absorb profit-taking sell-offs, which is a typical characteristic of a bull market. If this indicator continues to stay above 1, it reflects robust demand; if it falls back below 1, it indicates that this buying strength is fading. In the accompanying chart, the orange line represents the adjusted SOPR, the gray line represents BTC price, the green area represents overall profitable selling, and the red area represents overall loss-making selling. [Original link]