Bitcoin has surged 47 percent recently, but holders have not moved to sell on a large scale, data showed.

On Sept. 22, blockchain outlet U.Today reported that recent data released by Bitfinex showed bitcoin’s adjusted spent output profit ratio (aSOPR) remained around 1.01.

aSOPR is an indicator showing whether bitcoin moved on-chain was sold at a profit or a loss. A reading above 1 means coins moved in profit on average, and the current level is just above breakeven. That suggests realised profits were limited even as bitcoin’s price climbed sharply.

The indicator also differs from the breakout phase in August. At the time, aSOPR rose to about 1.04, but this time a similar increase in realised profits has not appeared despite the price surge. Bitfinex said there is little sell supply to absorb.

Markets are focusing on the view that this trend is tied to the recovery phase that followed a sharp summer drop. Bitcoin rebounded after slipping below $58,000 in early July and is now above $86,000, reaching its highest price zone since January.

Technical signals have also improved. Bitcoin closed the trading week ended Sept. 20 at $81,159. That is above its 50-week moving average of $78,786. It was the first time in 45 weeks that bitcoin closed a week above that indicator.

Bitcoin had failed to regain the 50-week moving average on a weekly closing basis since November 2025. This weekly close is being taken as a yardstick for whether the trend is recovering beyond a simple price rebound. Still, what has been confirmed so far is that on-chain distribution pressure has not been large relative to the price rise.

The key question is whether this pattern continues even in a further upside phase. If selling pressure remains limited even as bitcoin moves to higher price levels, the rebound trend could gain more support. If aSOPR rises quickly along with the price, it could be interpreted as a sign that holders are stepping up profit-taking.

$BTC is up 47% off the July low, and holders still aren't cashing out. Adjusted SOPR, which shows whether coins are moving at a profit or a loss, is near 1.01, barely above breakeven, versus 4% at the August breakout. This time there is barely any selling to absorb. pic.twitter.com/Ab7Xx6DZyd