Bitcoin’s Spent Output Profit Ratio, or SOPR, has stayed above the 1.0 break-even line for three straight weeks since Aug. 19, according to CryptoQuant, marking the longest such stretch in 2026. The latest reading was about 1.002, indicating that BTC moved on-chain is, on aggregate, being transferred at a profit. Checkonchain said this kind of structure is starting to resemble an early bull-market recovery. In bear markets, price rebounds into profit zones often meet selling, while in bull markets, brief dips below break-even tend to become buy-the-dip opportunities. Still, ARK Invest portfolio manager David Puell said Bitcoin is not out of danger. He argued that stronger evidence for the end of a bear market would require SOPR to hold above 1 for longer and for BTC to establish a sequence of higher highs and higher lows.
Bitcoin’s Spent Output Profit Ratio, or SOPR, has remained above the 1.0 break-even level for three consecutive weeks since Aug. 19, according to CryptoQuant. The run is the longest of its kind in 2026, with the latest reading at about 1.002.
A SOPR reading above 1 means BTC transferred on-chain is, in aggregate, moving at a profit.
On-chain analytics platform Checkonchain said rallies back into profit territory during bear markets usually run into selling. In bull markets, by contrast, brief moves below break-even often turn into buy-the-dip setups. Based on that framework, the current structure is starting to look closer to an early-stage bull-market recovery.
Still, ARK Invest portfolio manager David Puell said Bitcoin prices continue to face downside risk. He said stronger confirmation that the bear market has ended would require SOPR to stay above 1 for a longer period, while BTC price action would also need to print a series of higher highs and higher lows.
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