Bitcoin SOPR metric sees longest profit run of 2026 as new analysis challenges bear market — SkimNews
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- SOPR has held above its breakeven level of 1 since Aug. 19 and currently reads 1.002, marking the longest stretch of bullish onchain profitability in 2026 at three weeks.
- CryptoQuant data shows SOPR readings above 1 indicate coins are mostly moving onchain in profit, a sign of overall bullish momentum.
- Checkonchain told X followers that short-term-holder SOPR now resembles early bull-market recoveries rather than bear-market rallies, which historically get sold into profit.
- ARK Invest portfolio manager David Puell told CryptoQuant on Sept. 4 that more evidence is needed to assume the next bear-market floor is already in, calling further upside "the less likely outcome."
- Puell singled out sustained SOPR above 1 with consistent profit realization and no new macro lows — alongside higher highs and higher lows — as the prerequisites for changing his long-term bias.
- Bitcoin was holding a local range around $80,000 during the SOPR profitability streak, and Cointelegraph noted higher highs and higher lows remain absent on weekly timeframes.
- CryptoQuant CEO Ki Young Ju said in late August that the bear market is already "over" based on the firm's proprietary Bull/Bear Market Cycle Indicator.
Why it matters: With Puell (Puell Multiple creator) flagging downside risk and Cointelegraph confirming higher highs/higher lows remain absent on weekly charts, the three-week SOPR profit streak offers bullish optics but falls short of the structural signals top-tier analysts require before calling a bottom — meaning the $80,000 range could yet resolve into a new macro low.
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