Bitcoin SOPR Remains Above 1 for Three Weeks, Longest Bullish Streak Since 2021

Huo Xing Finance reports that Bitcoin’s Spent Output Profit Ratio (SOPR) has remained above the breakeven level of 1 for three consecutive weeks, marking the longest bullish cycle since 2026. Data from CryptoQuant shows that the indicator has stayed above 1 since August 19 and is currently at 1.002, indicating that most Bitcoin transferred on-chain is being moved at a profit. On-chain analysis tool CheckOnChain notes that the structure of the short-term holder SOPR is beginning to resemble early stages of a bull market recovery, rather than the typical pattern of rebound-and-sell seen during bear markets. However, David Puell, portfolio manager at ARK Invest and creator of the Puell Multiple indicator, warned that Bitcoin still faces downside risk. In an interview with CryptoQuant, he stated that more evidence is needed to confirm that the bear market bottom has been formed; SOPR must remain above 1 for a longer duration, and investors must consistently realize profits while Bitcoin fails to make new lows. Additionally, Bitcoin needs to form a series of higher highs and higher lows on the weekly chart—a pattern that has not yet emerged. Previously, CryptoQuant CEO Ki Young Ju had suggested, based on his proprietary bull-bear market cycle indicator, that the bear market had ended. Bitcoin is currently trading in a range near $80,000.