Bitcoin SOPR Streak Hits Three Weeks Amid Bull-Market Recovery Signs
A widely watched measure of on-chain profitability in Bitcoin has remained above its breakeven level for an unusually long stretch in 2026, echoing patterns typically seen earlier during bull-market rebounds.
The spent output profit ratio (SOPR), a metric that evaluates whether coins spent on-chain are moving at a gain or a loss relative to the price basis at their prior transaction, has stayed above its breakeven threshold of 1 since August 19, currently sitting near 1.002.
This three-week run is the longest bullish SOPR streak recorded so far this year, a pattern often associated with early bull-market recovery conditions.
David Puell, an investor and portfolio manager known for creating the Puell multiple indicator, cautioned in an interview that SOPR's improvement may not be enough by itself to conclude a bear-market floor is already in place.