Bitcoin SOPR metric sees longest profit run of 2026 as new analysis challenges bear market

Bitcoin (BTC) is breaking with typical bear-market behavior as a classic onchain metric puts in its longest bullish streak of 2026.

Key points:

• Bitcoin’s SOPR metric has stayed above its breakeven point of 1 for three full weeks, its longest stint in 2026.
• Analysis suggests that UTXO profitability is reflecting a return to bull-market conditions.
• David Puell says SOPR must stay bullish for longer, seeing more BTC price downside to come.

SOPR data repeats early bull-market activity 

Data from crypto analytics platform CryptoQuant shows that the spent output profit ratio (SOPR) has now been above its breakeven level of 1 since Aug. 19. SOPR measures the extent to which coins moving onchain do so at a higher or lower price compared to the previous transaction. 

The metric, which generally moves in a tight range around 1, currently measures 1.002. Values above 1 indicate that coins are mostly being moved in profit — a sign of overall bullish market momentum. This signal has now endured for three weeks, marking the longest stretch of bullish SOPR of 2026 so far.

Bitcoin SOPR chart. Source: CryptoQuant

SOPR can be broken down by wallet cohort to differentiate profitability between newer and older investors. Commenting on SOPR readings for short-term holders (STHs), wallets holding a UTXO without selling for up to six months, onchain analytics suite Checkonchain added to hopes that Bitcoin is staging a long-term bullish recovery.