Analysts: Bitcoin on-chain spending remains primarily profit-driven, SOPR has not yet shown bullish signals.

According to analyst Joao Wedson, Bitcoin on-chain spending remains predominantly profit-driven. In this latest downcycle, no large-scale loss transfer similar to 2022 has occurred yet. He noted that the SOPR trend signal, which has historically provided reliable medium- to long-term buy/sell indicators, has not yet generated a bullish signal, as such readings typically appear around major price bottoms.