Bitcoin SOPR metric sees longest profit run of 2026 as new analysis challenges bear market
Bitcoin is showing an unusual bullish onchain signal for a bear-market backdrop. CryptoQuant’s spent output profit ratio (SOPR) has stayed above breakeven since Aug. 19, now around 1.002, marking its longest bullish run of 2026. SOPR above 1 means coins are being moved at a profit, suggesting stronger market momentum. Short-term holder SOPR also looks more like early bull-market behavior, where brief dips below break-even tend to be bought rather than sold. Still, caution remains. ARK Invest’s David Puell says Bitcoin may still be at “downside risk” and could print new macro lows unless SOPR stays above 1 for a long period, profits are realized without revisiting new lows, and price starts forming higher highs and higher lows. CryptoQuant’s CEO has separately said the bear market may already be over.
