Huoxing Finance reports that, on September 9, CryptoQuant data showed that Bitcoin’s Spent Output Profit Ratio (SOPR) has remained above the breakeven level of 1 for three consecutive weeks since August 19, marking the longest such streak since 2026, with a current reading of approximately 1.002. An SOPR above 1 indicates that the overall BTC being transferred on-chain is in profit. On-chain analysis platform CheckOnChain noted that during bear markets, price rebounds into profitable territory are typically met with selling pressure, while brief dips below breakeven in bull markets often create buying opportunities. The current structure is beginning to resemble the early recovery phase of a bull market. However, ARK Invest portfolio manager David Puell believes Bitcoin still faces downside risk. SOPR needs to remain above 1 for a longer duration, and BTC’s price must form a series of higher highs and higher lows to provide stronger evidence that the bear market has ended.
Bitcoin SOPR Remains Above 1 for Three Weeks, Indicating Early Bullish Signals
MarsBitShare
Summary
Bitcoin news reports that the Spent Output Profit Ratio (SOPR) has remained above 1 for three weeks as of August 19, marking the longest such stretch since 2026. The current SOPR is approximately 1.002, indicating that most on-chain BTC transactions are profitable. Bitcoin analysis from Checkonchain shows this pattern resembles early bull market phases. However, ARK’s David Puell cautions that risks still persist, noting that sustained SOPR above 1 and higher price levels are needed to confirm the end of a bear market.
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