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Bitcoin SOPR hits longest bullish streak of 2026

CryptoQuant data shows spent output profit ratio above breakeven since Aug. 19, currently reading 1.002, while a cited analyst says more evidence is needed to confirm a new bear-market floor.

Reported · Written up by our desk · Market Structure

Bitcoin is showing atypical behavior for a bear market, with an onchain profitability metric extending its longest bullish streak of 2026, according to Cointelegraph citing CryptoQuant.

The spent output profit ratio, or SOPR, has stayed above its breakeven level of 1 since Aug. 19. The metric is currently around 1.002, and values above 1 indicate coins moving onchain are mostly doing so at a profit, Cointelegraph reports.

Cointelegraph also notes that the current SOPR run has lasted three weeks, the longest stretch of bullish SOPR readings so far this year, and that SOPR can be broken down by wallet cohort to compare profitability between newer and older holders.

Even with SOPR holding above breakeven while BTC/USD remains in a local range around $80,000, Cointelegraph says a cited ARK Invest portfolio manager, David Puell, warned that additional evidence is needed before assuming the next bear-market floor has already formed.

Latest closeBitcoin $79,310.40 ▲1.1%

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