Bitcoin SOPR Logs Longest 2026 Profit Streak — SkimNews
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- Bitcoin's SOPR metric has stayed above its breakeven level of 1 since Aug. 19, a three-week stretch that is the longest bullish SOPR run of 2026 so far, with the indicator currently measuring 1.002.
- Checkonchain told X followers that short-term holder SOPR readings are starting to resemble early bull-market recoveries, where sharp moves below breakeven tend to become buy-the-dip setups rather than the sell signals typical of bear-market rallies.
- David Puell, ARK Invest portfolio manager and creator of the Puell Multiple, warned in a Sept. 4 interview with CryptoQuant that Bitcoin could still print new macro lows this cycle, calling further upside "the less likely outcome" and labeling it a "downside risk."
- Puell said he needs SOPR to remain above 1 for an extended period while investors "realize profits consistently without price going back to a new low" before changing his long-term bearish bias, alongside a series of higher highs and higher lows on weekly timeframes.
- Ki Young Ju, CEO of CryptoQuant, declared in late August that the bear market was "already over" on the strength of the platform's proprietary Bull/Bear Market Cycle Indicator.
- BTC/USD has held a local range around $80,000 while the SOPR profitability streak continues, with the higher-highs/higher-lows pattern Cointelegraph notes remains absent on weekly timeframes.
Why it matters: Puell's named prerequisite for abandoning his bear thesis — sustained SOPR above 1 with consistent profit-taking and no new lows — is already being met, but Bitcoin's failure to post higher weekly highs and lows near $80,000 keeps his macro-floor warning live and the bull-bear debate unresolved among high-profile on-chain analysts.
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