Bitcoin's SOPR metric has recorded its longest bullish streak of 2026, holding above the break-even point for three full weeks. Since August 19, the SOPR value has remained above 1, indicating that bitcoins are predominantly moving on the market at a profit and demonstrating positive momentum. The current reading stands at 1.002. The data was provided by the analytical platform CryptoQuant, which emphasizes that the current SOPR readings may signal a return to bull market conditions.
Analysis conducted by the analytical platform Checkonchain has confirmed expectations that Bitcoin may be entering a phase of long-term growth. Taking investor behavior into account, SOPR can be broken down by wallet categories, making it possible to distinguish profitability between short-term and long-term holders. As Checkonchain noted, in bear markets a return of price to the profit zone tends to trigger selling, whereas in bull markets brief sharp moves below the break-even point often become buying-the-dip opportunities. The current structure is beginning to resemble the early stages of a bullish recovery.
Despite the current rise in the SOPR indicator, well-known analyst David Puell of ARK Invest warns of a persistent downside risk for Bitcoin's price. In an interview with CryptoQuant on September 4, he noted that while the digital currency is hovering around the $80,000 level, more confirmation is needed before one can say that the cycle low has already been reached. In his view, the SOPR metric must remain above 1 for an extended period, and investors must consistently take profits without the price returning to new lows. In addition, Bitcoin needs to form a series of higher highs and higher lows, which has not yet been observed on the weekly timeframes.
CryptoQuant CEO Ki Young Ju previously stated that the bear market is already "over," basing his conclusion on the latest readings of his proprietary Bull/Bear Market Cycle indicator.