Introduction

Bitcoin closed April with a decisive hold above the yearly open, consolidating around $95,000. While headlines focus on speculation, the on-chain data reveals a far more important story. The Spent Output Profit Ratio (SOPR) is quietly signalling what seasoned market participants recognise — the market is in a mid-cycle phase defined by composure, accumulation, and rotation.

No blow-off tops. No aggressive sell-offs. No disorder.

Instead, Bitcoin continues to exhibit the silent yet powerful market structure typical of accumulation phases that precede major expansions.