SOPR Metric Confounds Bear Market Expectations with Longest Bullish Streak

Bitcoin's SOPR metric has been above its breakeven point of 1 for three weeks, marking its longest stint in 2026. This indicates a return to bull-market conditions, with UTXO profitability reflecting a shift away from bearish sentiment.

Data from CryptoQuant shows that the spent output profit ratio (SOPR) has stayed above 1 since August 19, currently measuring 1.002. Values above 1 indicate that coins are mostly being moved in profit, a sign of overall bullish market momentum.

Commenting on SOPR readings for short-term holders, wallets holding a UTXO without selling for up to six months, onchain analytics suite Checkonchain added to hopes that Bitcoin is staging a long-term bullish recovery. However, despite this optimism, ARK Invest portfolio manager David Puell retains a 'downside risk' for the price of BTC/USD, suggesting that further upside may not be likely.