Bitcoin Defies Bear-Market Norms with Longest Bullish SOPR Streak of 2026
Bitcoin is defying bear-market norms as its SOPR metric has now exceeded its breakeven point of 1 for three full weeks, marking the longest streak of bullish activity in 2026. The spent output profit ratio (SOPR) measures the extent to which coins moving on-chain are sold at a higher or lower price compared to their previous transaction.
According to data from CryptoQuant, SOPR has been above its breakeven level since August 19, currently standing at 1.002. This is a sign of overall bullish market momentum as values above 1 indicate that coins are mostly being moved in profit.
Commenting on the current structure, on-chain analytics suite Checkonchain noted that in bear markets, rallies back into profit tend to get sold, while in bull markets, short sharp moves below breakeven become buy-the-dip setups. The current SOPR readings for short-term holders (STHs) are starting to resemble those early bull-market recoveries.
Despite this promising trend, ARK Invest portfolio manager David Puell warns that there is still a downside risk for Bitcoin's price. In an interview with CryptoQuant, Puell stated that the next bear-market floor has not yet been established and that more evidence is needed to assume otherwise.