What happened
CryptoBriefing published a note Friday flagging that Bitcoin's entity-adjusted SOPR, the version of the metric that filters out internal wallet shuffles by clustering addresses under a single entity, has stayed above 1 for a sustained stretch into the week of September 19. A reading of 1 is the break-even line. Above it, the average coin moving on-chain that day is being spent at a price higher than the price at which it was last received.
Below it, holders are on aggregate realising losses. The publisher framed the sustained print as evidence of robust spot demand and a possible early bull market phase. No dollar-flow figure, no wallet count, and no specific SOPR value were included in the article body supplied to Cryptomat, so the claim rests on the direction of the metric rather than a headline number.
Why it matters
SOPR is one of the few on-chain signals that traders on both the discretionary and quant desks watch, because it collapses two hard questions, is supply coming to market and is it being absorbed, into one line. When SOPR sits above 1 for weeks, it means holders are willing to sell into strength and buyers are willing to lift that offer. That is the definition of a functioning bid.
The entity-adjusted version, which Glassnode built to strip out custodial reshuffles and exchange internal transfers, is the cleaner read. It's less noisy than raw SOPR and less prone to false signals from a single large custodian rebalancing. The headline looks constructive.
The caveat is that SOPR alone doesn't tell you the size of the flow, only its direction against cost basis.