Analyst: Bitcoin aSOPR has exceeded 1 for 9 consecutive days, and the market continues to achieve profitable sales

CryptoQuant analyst OroCrypto (@oro_crypto) posted that Bitcoin's adjusted expenditure-output margin (aSOPR) has returned to a structurally critical area. This indicator has remained above 1 for 9 consecutive trading days since May 1, indicating that the market is continuing to achieve profitable sales. aSOPR is used to measure whether the bitcoins spent on the chain are profitable or losing. A value greater than 1 means that on average, the BTC spent is sold at a profit, and less than 1 means that it is treated as a loss. What is special about this signal is its persistence. The nine-day sequence has reduced noise interference, indicating that the market structure has undergone a substantial change. The most recent similar continuous profit sequence occurred from October 19 to November 4, 2025, during which time BTC also experienced multiple consecutive days of on-chain profit expenditures. From the perspective of market structure, this shows that Bitcoin is absorbing profit-taking selling pressure, but the price structure has not deteriorated immediately, and the market is currently showing sufficient capacity to accept it. This reading does not necessarily mean a craze phase, but rather indicates that the market has moved from a loss-making environment to a stage where participants continue to achieve profits. As long as aSOPR remains above 1, the market structure remains constructive: participants are cashing in profits while the market maintains absorptive capacity. The key failure level is clear: if the indicator continues to fall below the 1 threshold, it means that the market will start processing tokens at a loss again, which will weaken the current constructive signal. Not only is Bitcoin being sold for profit again, but the process is ongoing. This persistence translates aSOPR into a constructive signal of improvement within the market, the most significant positive sequence since October to November 2025.