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The Bitcoin adjusted SOPR has been above 1 for nine consecutive days in May, AMBCrypto reported. The metric measures whether, on average, the coins being moved on-chain are in profit or at a loss. Readings above 1 indicate realized profits for holders.
Bitcoin also continued to trade above the psychological $80,000 level as stronger holders absorbed selling tied to profit-taking activity. The article noted that this absorption can eventually dry up, which may contribute to a price correction.
In a post on X, Crypto Super Hub co-founder Jake Pahor warned that the CSH Score was above 40. The metric is described as a trend oscillator with a 0 to 100 scale. It is intended to indicate whether an asset is in an accumulation zone (scores under 30) or in overextended conditions (scores above 60), using a long-term growth trend.
The current reading of 41 was described as the third bear-market rally in Bitcoin’s history to reach this zone. In each of the three instances, BTC saw a sharp correction afterward.
Pahor cautioned that three occurrences is a small sample size, but said it was still a factor to monitor. If historical patterns repeat, the article suggested investors and holders could be rewarded by taking profits and staying sidelined.
While spot taker CVD was described as buyer-dominated and SOPR indicated holder profitability, the rally was characterized as more driven by decreased selling rather than active, sustained demand comparable to earlier bull-market phases.
Analyst and CEO of Alphractal Joao Wedson also highlighted a pattern in month-on-month exchange reserves. In an X post, Wedson said that when the 30-day reserves move into positive territory, it signals more BTC entering centralized exchanges than leaving them over that window.
The article stated that institutional holders continued adding to their BTC funds, but that on-chain data showed a more bearish picture. Wedson wrote that it would be “very strange” if the price of the leading crypto continued to rise while reserves trended higher.
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