Bitcoin SOPR metric sees longest profit run of 2026 as new analysis challenges bear market
Bitcoin aggregate onchain profit entered its fourth week, but a popular analyst warned that BTC price “downside risk” remained in place.
Bitcoin's onchain profit metric, known as the spent output profit ratio (SOPR), has reached its longest bullish streak of 2026, challenging the notion of a bear market. According to data from crypto analytics platform CryptoQuant, SOPR has remained above its breakeven level of 1 since August 19, indicating that coins are predominantly being moved at a profit. This metric, which typically fluctuates around 1, is currently at 1.002, signaling overall bullish market momentum.
While Bitcoin's price is currently hovering around $80,000, the SOPR profitability streak provides hope for a long-term bullish recovery, according to Checkonchain, an onchain analytics suite. Short-term holders (STHs), who hold a UTXO without selling for up to six months, have shown a positive trend in SOPR readings, suggesting that the market may be entering a new bull market phase, unlike the usual bear market behavior.
Despite Bitcoin's local price range around $80,000, the industry's top analyst, ARK Invest portfolio manager David Puell, warns of downside risk and suggests that further evidence is required to confirm the bear market's bottom. Puell emphasizes that SOPR must stay above 1 for an extended period and that investors should consistently realize profits without the price falling to a new low.
As Bitcoin must also demonstrate a series of higher highs and higher lows, the current situation remains precarious.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
