Bitcoin SOPR metric shows longest profit run of 2026
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Written by
Simonas Brazionis - Updated 2026-09-10 07:24:25
The Bitcoin SOPR metric is currently displaying its most prolonged bullish trend of 2026, suggesting a deviation from typical bear-market behavior. The Spent Output Profit Ratio (SOPR) has consistently stayed above its breakeven point of 1 for three consecutive weeks, a duration not seen earlier this year.
This sustained profitability of Unspent Transaction Outputs (UTXOs) is starting to mirror conditions observed in a bull market. CryptoQuant data indicates that the Bitcoin SOPR metric has remained above 1 since August 19, currently standing at 1.002.
SOPR Signals and Market Optimism
Values exceeding 1 for the SOPR metric imply that the majority of coins moving on-chain are doing so at a profit, which signals bullish market momentum. This three-week streak marks the longest period of bullish SOPR recorded in 2026.
Checkonchain, an on-chain analytics platform, noted that SOPR readings for short-term holders (STHs), defined as wallets holding UTXOs for up to six months, are fueling optimism for a potential long-term bullish recovery for Bitcoin. They observed that while bear markets typically see rallies into profit being sold off, early bull market recoveries often feature sharp dips below breakeven that become buying opportunities, a pattern the current market structure is beginning to resemble.
Divergent Bear Market Outlooks
Despite the sustained profitability indicated by the Bitcoin SOPR metric and BTC/USD maintaining a local range around $80,000, some analysts advise against assuming the bear market floor has been reached. David Puell, creator of the Puell Multiple BTC price indicator, stated that more evidence is required to confirm the end of the bear market.
Puell suggested that further upside in the fourth quarter is less likely, maintaining a view of continued downside risk. He emphasized that the SOPR metric needs to remain above 1 for an extended period, with investors consistently realizing profits without the price returning to new lows, before he would change his long-term outlook. Additionally, Bitcoin would need to establish a series of higher highs and higher lows, a pattern not yet evident on weekly timeframes.
In contrast, CryptoQuant CEO Ki Young Ju indicated in late August that the bear market was already concluded, based on their proprietary Bull/Bear Market Cycle Indicator.
