Analyst: Bitcoin's aSOPR has been above 1 for nine consecutive days, indicating continued profit-taking in the market.

According to Mars Finance, on May 11th, CryptoQuant analyst Oro Crypto (@oro_crypto) stated that Bitcoin's Adjusted Spending-Output Profit Margin (aSOPR) has returned to a structurally critical zone. Since May 1st, this indicator has remained above 1 for nine consecutive trading days, indicating that the market is consistently realizing profitable selling. aSOPR measures whether on-chain spent Bitcoin is in a profitable or loss-making state; a value greater than 1 indicates that, on average, spent BTC are sold at a profit, while a value less than 1 indicates a loss. The significance of this signal lies in its persistence; the nine-day sequence reduces noise interference, showing a substantial shift in market structure. The most recent similar consecutive profitable sequence occurred from October 19th to November 4th, 2025, during which BTC also experienced several consecutive days of on-chain profitable spending. From a market structure perspective, this suggests that Bitcoin is absorbing profit-taking pressure without an immediate deterioration in the price structure, indicating that the market currently demonstrates sufficient absorption capacity. This reading doesn't necessarily signify a frenzy, but rather indicates that the market has shifted from a loss-making environment to one where participants are consistently profiting. As long as aSOPR remains above 1, the market structure remains constructive: participants are taking profits while the market maintains its absorption capacity. The key failure level is clear: if the indicator consistently falls below the 1.0 threshold, it means the market has resumed processing tokens at a loss, weakening the current constructive signal. Bitcoin is not only being sold at a profit again, but this process is persistent. This persistence transforms aSOPR into a constructive signal reflecting internal market improvement, the most significant positive sequence since October-November 2025.