Bitcoin shows strong demand as entity-adjusted SOPR stays above 1

Bitcoin holders are selling at a profit, and the market is absorbing every coin without flinching. That's the story being told by the entity-adjusted Spent Output Profit Ratio, or SOPR, which has remained stubbornly above 1.0 for three consecutive weeks, the longest such streak this year.

With Bitcoin trading near $81,119, the standard SOPR sits at approximately 1.008. It's a small number with outsized implications: every tick above 1.0 means the average coin being moved on-chain is being sold for more than it was originally acquired for.

SOPR measures whether coins being spent on-chain are moving at a profit or a loss. A reading of exactly 1.0 is breakeven. Above that, holders are, on average, cashing out gains. Below it, they're crystallizing losses.

The "entity-adjusted" version, provided by Glassnode, filters out noise from internal wallet shuffles and exchange movements. It isolates real economic activity from the kind of housekeeping transactions that would otherwise muddy the signal.

The current streak above breakeven began on August 19, 2026. Earlier this year, every attempt to sustain profitability above that 1.0 line was met with swift rejection, as sellers overwhelmed buyers and dragged the metric back below breakeven. The fact that this streak has lasted longer than any previous one in 2026 suggests something has shifted in the demand-supply balance.