According to Odaily, data from Glassnode indicates that Bitcoin's Spent Output Profit Ratio (SOPR) has experienced notable fluctuations throughout 2024. The SOPR has hovered around or above 1.0, suggesting that most outputs were sold at a profit. The SOPR, created by Medium user Renato Shirakashi in April 2019, measures the extent to which investors are making profits or losses.

However, in recent months, this ratio has seen a significant decline, particularly in July and early August, dropping below 1.0 at times. This shift indicates that Bitcoin holders were selling at a loss during this period, possibly due to broader market adjustments. Historically, since 2018, the SOPR has closely correlated with Bitcoin's price movements, typically soaring during substantial price increases. The recent performance of the SOPR suggests that the market is struggling to cope with the volatility following Bitcoin's halving event.