Bitcoin's SOPR Metric Shows Longest Bullish Streak of 2026
Bitcoin (BTC) is breaking with typical bear-market behavior as its spent output profit ratio (SOPR) metric shows a prolonged bullish streak.
Data from CryptoQuant reveals that SOPR has stayed above its breakeven point of 1 for three full weeks, marking the longest stint in 2026. This indicator measures the extent to which coins moving onchain do so at a higher or lower price compared to the previous transaction.
The current SOPR reading is 1.002, indicating that coins are mostly being moved in profit, a sign of overall bullish market momentum.
David Puell from ARK Invest warns that despite this recovery, there remains downside risk for Bitcoin's price, and the metric needs to stay above 1 for an extended period for him to change his long-term bias. He suggests further upside is less likely going into Q4.