Bitcoin SOPR stays above breakeven for 3 straight weeks, longest run of 2026

Bitcoin’s spent output profit ratio, or SOPR, has remained above the breakeven level of one for three straight weeks, marking its longest bullish stretch of 2026. SOPR is a widely used on-chain indicator that measures whether coins transacted on the Bitcoin blockchain were sold at a profit or at a loss. According to CryptoQuant data, the metric has stayed at one or higher since Aug. 19 and was at 1.002 at the time of writing. That indicates most Bitcoin moving on-chain is being transacted in profit territory. Checkonchain, an on-chain analytics tool, said the structure of short-term holder SOPR is starting to resemble the early stages of a bull-market recovery rather than the sell-after-bounce pattern typically seen in short-lived bear-market rebounds.