Bitcoin SOPR Metric Breaks Three-Week Bullish Streak in 2026

Bitcoin's SOPR metric has been above its breakeven point of 1 for three weeks, marking its longest streak in 2026. This indicates that coins are mostly being moved at a higher price than their previous transaction, a sign of overall bullish market momentum.

The spent output profit ratio (SOPR) measures the extent to which coins moving onchain do so at a higher or lower price compared to the previous transaction. According to CryptoQuant data, SOPR has been above 1 since August 19, with the current reading at 1.002.

Commenting on the readings for short-term holders (STHs), onchain analytics suite Checkonchain noted that in bear markets, rallies back into profit tend to get sold, whereas in bull markets, short sharp moves below break-even tend to become buy-the-dip setups.

Despite the current SOPR profitability streak, ARK Invest portfolio manager David Puell warns that more evidence is needed to assume that the next bear-market floor is already in. He suggests that further upside is less likely and leaves a downside risk for Bitcoin's price.