Bitcoin’s spent output profit ratio, or SOPR, has remained above the break-even level of 1 for three straight weeks, marking the longest bullish stretch seen in 2026 so far. Data from CryptoQuant shows the metric has stayed above 1 since Aug. 19 and was last at 1.002, indicating that most BTC moved on-chain is still being transferred at a profit.
Checkonchain said the structure of short-term holder SOPR is starting to resemble the early phase of a bull market recovery rather than the kind of bounce-and-sell behavior often seen during bear markets. That said, not everyone is ready to call a bottom.
David Puell, an ARK Invest portfolio manager and the creator of the Puell Multiple indicator, told CryptoQuant that more evidence is still required before confirming that the current bear market bottom is in place. In his view, SOPR needs to remain above 1 for longer, investors must continue realizing profits without Bitcoin setting fresh lows, and the market still needs to form a series of higher highs and higher lows on the weekly chart. According to the report, that pattern has not appeared yet. CryptoQuant CEO Ki Young Ju had previously said the bear market was over based on his proprietary bull-bear cycle indicator. Bitcoin is currently trading in a range near $80,000.
Bitcoin’s spent output profit ratio, or SOPR, has stayed above the break-even level of 1 for three consecutive weeks, the longest bullish stretch recorded so far in 2026.
CryptoQuant data shows the indicator has remained above 1 since Aug. 19 and currently stands at 1.002. The reading suggests that most Bitcoin being transferred on-chain is moving at a profit.
On-chain analytics tool Checkonchain said the structure of short-term holder SOPR is starting to look more like the early stage of a bull market recovery, rather than the pattern typically seen in bear markets where holders sell into rebounds.
Still, David Puell, an ARK Invest portfolio manager and the creator of the Puell Multiple indicator, warned that downside risk for Bitcoin remains. In comments to CryptoQuant, he said more evidence is needed before confirming that the bottom of the current bear market has formed.
Puell said SOPR needs to stay above 1 for a longer period. He also said investors must continue realizing profits without Bitcoin making new lows. In addition, Bitcoin needs to establish a sequence of higher highs and higher lows on the weekly chart, a pattern that has yet to appear.
Earlier, CryptoQuant CEO Ki Young Ju had said the bear market was over based on his proprietary bull-bear market cycle indicator. Bitcoin is currently moving in a range near $80,000.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
