Bitcoin is showing behavior that diverges from typical bear-market patterns as a key onchain metric records its longest bullish streak of the year. Data from the analytics platform CryptoQuant indicates that the spent output profit ratio (SOPR) has stayed above its breakeven level of 1 since August 19.
The SOPR metric tracks whether coins moving onchain are doing so at a higher or lower price compared to their previous transactions. Currently reading at 1.002, values above 1 signify that coins are predominantly moving in profit, which points to broader bullish market momentum. This three-week span marks the longest continuous period of bullish SOPR readings observed in 2026.
When examining specific wallet cohorts, onchain analytics suite Checkonchain noted that the profitability of short-term holders—wallets holding unspent transaction outputs for up to six months—resembles early bull-market recoveries. The platform observed that unlike bear markets where rallies into profit are typically sold off, current structures feature short dips below breakeven acting as buy-the-dip opportunities.
Despite these developments and BTC trading near a local range around $80,000, industry analysts remain divided on the broader macroeconomic outlook. David Puell, an ARK Invest portfolio manager and creator of the Puell multiple indicator, stated in a September 4 interview that additional evidence is required before assuming the bear-market floor has been reached.
Puell indicated that further downside remains a risk and emphasized that the SOPR metric must sustain its position above 1 for a more extended period while investors realize profits consistently. He also noted that Bitcoin needs to establish a clear pattern of higher highs and higher lows on weekly time frames to confirm a lasting trend change. Meanwhile, CryptoQuant CEO Ki Young Ju stated in late August that the bear market was already over based on the firm's proprietary Bull/Bear Market Cycle Indicator.
