Bitcoin SOPR Metric Signals Longest Bull Run Streak of 2026
Bitcoin's SOPR metric has been above its breakeven point of 1 for three weeks, marking its longest streak in 2026. The spent output profit ratio (SOPR) measures the extent to which coins moving onchain are sold at a higher or lower price compared to previous transactions.
According to CryptoQuant data, SOPR has been above 1 since August 19th, with a current reading of 1.002. This indicates that coins are being moved in profit, reflecting bullish market momentum.
Commenting on the short-term holder (STH) SOPR data, 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.' This suggests that Bitcoin may be staging a long-term bullish recovery.
Despite this optimism, ARK Invest portfolio manager David Puell cautioned that more evidence is needed to assume the next bear-market floor has been reached. He emphasized that SOPR signals must remain above 1 for an extended period and that higher highs and higher lows are necessary to change his long-term bias.