Bitcoin SOPR Streak Sparks Bull-Market Hope Amid Ongoing Market Uncertainty

On-chain profitability for Bitcoin has been showing signs of improvement despite ongoing uncertainty in the broader market. A widely followed measure, spent output profit ratio (SOPR), has remained above its breakeven level for an unusually long stretch in 2026.

The current three-week run is the longest bullish SOPR streak of the year, a pattern often associated with early bull-market recovery conditions. According to CryptoQuant, Bitcoin's SOPR has stayed above the breakeven threshold of 1 since August 19, currently around 1.002.

Wallet cohort analysis by Checkonchain suggests UTXO profitability is beginning to resemble bull-market dynamics, including more profit-taking that doesn't immediately flip back to losses. However, David Puell, an investor and portfolio manager, cautioned in a recent interview that SOPR's improvement may not be enough by itself to conclude a bear-market floor is already in place.

Puell emphasized the need for more evidence before assuming the next bear-market bottom has been established. He pointed out that Bitcoin needs to start printing a sequence of higher highs and higher lows on weekly time frames, a technical requirement that remains absent in current charts.