Bitcoin’s SOPR indicator breaks 11-month suppression, signaling potential cycle reversal

Bitcoin’s Spent Output Profit Ratio (SOPR) has broken an 11-month suppression, indicating that on-chain realized profits are reappearing as spent outputs move back into positive territory. This shift suggests long-suppressed selling pressure is easing and that holders are increasingly able to transact at gains rather than losses. As a consensus signal, the SOPR breakout points toward a potential cycle reversal from prolonged distribution or capitulation toward renewed accumulation and price recovery. However, the signal needs confirmation from sustained price action and supporting on-chain metrics to rule out a short-lived false breakout.