Bitcoin’s spent output profit ratio, or SOPR, has stayed above the break-even level of 1 for three consecutive weeks since Aug. 19, marking the longest uninterrupted profitable stretch in 2026, according to a Cointelegraph report cited by PANews. The current reading stands at 1.002, indicating that most coins moving on-chain are being transferred at a profit, a signal often associated with broader bullish momentum in the market.
SOPR remains in profit territory
SOPR is used to track whether coins spent on-chain are moving at a profit or a loss. A reading above 1 generally means sellers, on aggregate, are realizing gains, while a reading below 1 points to losses being realized. In this case, the metric has held above 1 since Aug. 19 and has now sustained that level for three weeks, the longest such run this year.
Checkonchain sees a structure closer to an early bull-market recovery
On-chain analytics suite Checkonchain said that in a bear market, rebounds back into profitable territory are often met with selling. The present structure, however, looks more like an early-stage bull-market recovery. It added that the SOPR behavior of short-term holders, or STH, supports that view.
David Puell says more confirmation is still needed
David Puell offered a more cautious take. According to the report, he warned that SOPR needs to remain bullish over a longer period, and that Bitcoin still faces downside risk at current levels.
Puell, an ARK Invest portfolio manager and the creator of the Puell Multiple, said in an interview that more evidence is needed before concluding that the bear-market bottom has passed. In his view, SOPR would need to keep showing profitability while Bitcoin avoids making new lows before that would be enough to shift a longer-term bearish stance. Until then, he said, BTC still carries downside risk.
An earlier call from CryptoQuant
The report also noted that CryptoQuant CEO Ki Young Ju had previously said, based on his own bull-bear cycle indicator, that the bear market had already ended.