Bitcoin's SOPR Streak Hits Longest Run in 2026 Amid Bear Market Shift

Bitcoin's spent output profit ratio (SOPR) has remained above its breakeven level of 1 since August 19, marking the longest bullish streak this year.

The current three-week run is significant because SOPR values above 1 indicate that coins spent on-chain are more often being realized in profit.

According to CryptoQuant, Bitcoin's SOPR has been slightly above breakeven at around 1.002, with the metric tending to oscillate tightly around 1 for extended periods.

Analyst David Puell cautioned that while SOPR's improvement is encouraging, it may not be enough to conclude a bear-market floor is already in place.