Bitcoin SOPR metric stays above breakeven for three weeks, longest profit streak in 2026
Bitcoin SOPR profit streak reaches three weeks
Bitcoin’s spent output profit ratio (SOPR) has stayed above its breakeven level of 1 for three consecutive weeks, the longest bullish stretch recorded in 2026.
SOPR metric details
SOPR measures whether coins moved on‑chain are sold at a profit or a loss compared with the price of the previous transaction. A value above 1 means most coins are being sold for a profit. The current reading is 1.002, just above the breakeven point.
Bull‑market signals from on‑chain data
Analytics platform CryptoQuant shows the SOPR has been above 1 since August 19. Checkonchain, an on‑chain analytics suite, notes that short‑term holders (coins held up to six months) are seeing profit, a pattern that resembles early bull‑market recoveries.
Analyst says downside risk remains
ARK Invest portfolio manager David Puell, speaking with CryptoQuant on September 4, warned that Bitcoin could still fall to new lows. He said the SOPR needs to stay above 1 for a longer period and that Bitcoin must develop a series of higher highs and higher lows before he would change his long‑term bias.
Remaining uncertainty
CryptoQuant CEO Ki Young Ju has described the bear market as “over” based on other indicators, but Puell and other analysts stress that the current price range around $80,000 does not yet confirm a sustained recovery.
Why this matters
A sustained SOPR above 1 suggests that on‑chain participants are generally profitable, which can be a sign of improving market sentiment. However, without a clear price pattern of higher highs and lows, the outlook remains mixed.
