- Bitcoin’s rapid rise to new heights masks underlying shifts in investor behavior, according to CryptoQuant analyst MorenoDV.
- The Adjusted Spent Output Profit Ratio (aSOPR) indicates that rising prices no longer assure investor confidence.
- As Bitcoin surged from ~$40,000 to above $100,000, the aSOPR exhibited lower highs and lows, indicating a change in market psychology.
Bitcoin’s rally to record levels has captured headlines, but beneath the surface, the market is telling a more complicated story about bitcoin investor behavior changes. On January 30, CryptoQuant analyst MorenoDV highlighted how the Adjusted Spent Output Profit Ratio (aSOPR) is reshaping expectations for what comes next. While Bitcoin surged from roughly $40,000 in early 2024 to above $100,000, this on-chain indicator suggests that price alone no longer reflects investor confidence. Instead, it reveals how quickly holders are willing to sell once profits appear, hinting at a more cautious and reactive market mindset than past bull runs.
According to data cited by BlockBeats, the aSOPR has been forming lower highs and lower lows even as price continues climbing, a classic divergence that often signals shifting market psychology. This pattern reinforces the idea that bitcoin investor behavior changes are becoming more pronounced with each rally. Every new price peak triggers faster profit-taking, showing that investors are less inclined to hold through volatility. Rather than betting on endless upside, many are choosing shorter-term gains, which weakens momentum and raises questions about how sustainable the current trend truly is.
MorenoDV explains that the market now sits at a decisive crossroads. The aSOPR is moving within a downward channel, where touches near the upper boundary frequently align with local price tops, and dips toward the lower boundary often coincide with temporary bottoms. At present, Bitcoin is testing the lower edge of this range during a period of extreme fear. Roughly one-third of all circulating coins are in unrealized loss, a condition that historically has created brief buying opportunities. These moments often spark small rebounds, reflecting short-term optimism amid broader uncertainty driven by bitcoin investor behavior changes.
Still, optimism comes with clear risk. If the aSOPR fails to hold above critical support and other indicators confirm a broader downtrend, the market could shift from hesitation into a full sell-off phase. Such a move would mark a sharp transition from profit-taking to panic, potentially resetting expectations for the months ahead. Bitcoin’s current position highlights a fragile balance between opportunity and danger, where sentiment can flip quickly. As investors watch these signals closely, the next move may define whether this cycle matures into stability or unravels into deeper correction.
Disclaimer: CryptopianNews shares this for learning and info only. It’s not meant to be financial or investment advice. Crypto markets change a lot and move quickly. Investing in them can be risky. You should always look into things yourself. Talk to a trained financial advisor before making any choices about investing.
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