Bitcoin SOPR Metric Sees Longest Bullish Streak of 2026

Bitcoin's SOPR metric has been above its breakeven point of 1 for three weeks, marking the longest bullish streak this year. The spent output profit ratio measures the extent to which coins are moved onchain at a higher or lower price compared to the previous transaction.

Data from CryptoQuant shows that Bitcoin's SOPR has stayed above 1 since August 19, currently measuring 1.002. This indicates that coins are mostly being moved in profit, a sign of overall bullish market momentum.

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

Despite this optimistic view, ARK Invest portfolio manager David Puell retains a 'downside risk' for Bitcoin's price, saying more evidence is needed to assume the next bear-market floor is already in.