- Bitcoin investors have, on average, moved previously acquired coins at a profit since Aug. 19, with CryptoQuant’s Spent Output Profit Ratio remaining above 1.
- The three-week run is the metric’s longest positive streak of 2026, though analysts disagree on whether Bitcoin’s bear cycle has ended.
- Glassnode data showed both short- and long-term holders moving coins at a profit on average in early September.
Bitcoin’s Spent Output Profit Ratio, or SOPR, has remained above the breakeven level since Aug. 19, according to CryptoQuant data. The positive run has lasted three weeks, making it the indicator’s longest streak above 1 in 2026, with the latest reading at about 1.002.
SOPR measures whether previously acquired coins are being moved at a profit or loss. A reading above 1 means investors are selling bitcoin above their purchase price on average, while a reading below 1 indicates loss-taking.
CryptoQuant’s SOPR chart shows the indicator’s recent changes. Glassnode data presented a similar picture, with aggregated SOPR at about 1.017 as of Sept. 8.
On Sept. 7, SOPR stood at 1.012 for short-term holders and about 1.138 for long-term holders, meaning both groups were moving coins at a profit on average.
Analysts assess the market cycle
Checkonchain analysts highlighted a shift in short-term-holder behavior. They said a return to profitability during a bear market typically prompts heavier selling, while investors in a bull phase more often treat a brief drop in SOPR below 1 as a buying opportunity.
“The current structure is starting to look more like the early stages of a bull market recovery,” the experts noted.
The signal complements other onchain metrics that have pointed to an improving market structure in recent weeks. CryptoQuant CEO Ki Young Ju said in late August that Bitcoin’s bear cycle had ended after the Bull/Bear Market Cycle Indicator moved into positive territory for the first time since October 2025.
However, the data have not clearly confirmed a new macro trend. In a Sept. 4 interview with CryptoQuant, ARK Invest portfolio manager and Puell Multiple creator David Puell said bitcoin could continue to decline.
Puell said a more confident signal would require SOPR to remain above 1 for an extended period without bitcoin recording new price lows.
Spot demand has also yet to provide unambiguous confirmation that the rally will continue. CryptoQuant analysts said on Sept. 8 that large investors were still accumulating bitcoin, but that the market would need to absorb supply around $82,000 to $83,000 for the uptrend to take hold.
Source: Incrypted
