Tron (TRX), one of the most prominent blockchain networks in the crypto space, just witnessed a massive wave of profit-taking. According to on-chain data, investors recently realized returns as high as 374%, making it one of the most significant selling events for TRX in the past year.

But who exactly is behind this sudden sell-off, and what does it mean for Tron’s market future?

What the SOPR Spike Tells Us

The data comes from CryptoQuant’s analysis of Tron’s Spent Output Profit Ratio (SOPR)—a metric used to determine whether crypto holders are selling their assets at a profit or loss. A SOPR value above 1 means that, on average, sellers are making a profit, while a value below 1 indicates loss-taking.

Earlier this month, Tron’s SOPR soared to an eye-popping 4.74, suggesting that many TRX holders were selling tokens acquired at significantly lower prices. This spike represents a 374% profit margin compared to their original purchase prices.

Analyst Maartunn, who shared the data on CryptoQuant, calculated that with TRX trading at $0.268 during the spike, the average cost basis of the tokens being sold was around $0.0566. This implies that the coins had been held for quite a long time, likely dating back to late 2022 or earlier.

Dormant Wallets Finally Move—But Why Now?

This event is particularly notable because it wasn’t just any holders cashing out—it was likely long-term holders or early investors. These wallets had been dormant for months, possibly years, before choosing now to move their funds.

Dormant holders, often referred to as “smart money” in crypto circles, typically wait for ideal market conditions before selling. So what triggered them to sell now?

There are a few likely explanations:

• Profit Realization: After holding through market cycles, early investors may have decided it was the right time to lock in profits.

• Portfolio Rebalancing: Some might be reallocating funds to other projects or taking a more diversified approach.

• Internal Transfers: A portion of these movements could be internal or institutional wallet reshuffling.

While not all activity means outright selling, the sharp SOPR spike suggests that a large percentage of the moved TRX was indeed sold.

Historical Context: How This SOPR Spike Compares

Over the past year, Tron has seen a few minor spikes in SOPR, but none have come close to this scale. Most previous increases stayed below the 2.0 level. This 4.74 reading sets a new benchmark for profit-taking intensity on the network.

Such a high SOPR reading can often be a short-term bearish signal. When a large number of holders realize profits all at once, it can increase sell pressure and temporarily drive prices down. However, it can also indicate that the market is strong enough to support profit-taking without collapsing—a sign of maturing investor sentiment.

USDT on Tron Reaches $80 Billion Milestone

In related news, Tron’s ecosystem continues to grow, especially in the stablecoin sector. According to Sentora (formerly IntoTheBlock), the USDT supply on Tron’s network has now surpassed $80 billion, the second-largest amount among all blockchain networks.

This highlights Tron’s critical role in global stablecoin transfers and DeFi operations, particularly in regions with limited banking infrastructure.

With such a large share of USDT circulating on Tron, the network remains a backbone for peer-to-peer payments, DeFi applications, and cross-border transactions.

TRX Price Update: Recovery in Progress

Despite the profit-taking wave, Tron’s price has shown resilience. At the time of writing, TRX is trading around $0.273, reflecting a 0.5% gain in the past 24 hours.

Just days prior, the token saw a short-term dip but has managed to recover steadily—a bullish sign that the market may have absorbed the selling pressure without significant damage.

This price behavior suggests that even though some long-term holders have exited, buyer demand remains strong, potentially supported by Tron’s growing ecosystem and continued institutional interest in stablecoins.

Final Thoughts

Tron’s recent profit-taking spree has grabbed the attention of crypto analysts and investors alike. With a 374% return realized by long-term holders, this event marks one of the largest exits in recent TRX history.

However, rather than signaling panic, the market seems to be absorbing the impact well—with steady price recovery, rising USDT adoption, and continued user activity.

For now, Tron continues to balance between a maturing network and speculative activity. As the data shows, the real question isn’t just who’s selling—but who’s buying next.