Markets

Bitcoin SOPR Metric Records Longest Profit Streak of 2026

September 9, 2026, 10:12 AM UTC (45 days ago) · 1 source · Summarized by CryptoBipto

Bitcoin's Spent Output Profit Ratio (SOPR) metric has reached its longest sustained period above 1.0 in 2026, indicating that coins being moved on-chain have consistently been sold at a profit. New analysis using this metric has been cited as evidence challenging the narrative that Bitcoin is in a bear market.

WHY IT MATTERS

Think of SOPR like a report card for Bitcoin sellers. If you bought a used car for $5,000 and sold it for $6,000, you made a profit. SOPR tracks whether people moving their Bitcoin are, on average, doing something similar — selling for more than they paid. When this ratio stays above 1.0 for a long time, it suggests most people transacting are in profit, which some analysts associate with healthier market conditions. For newcomers, this is an example of how analysts use blockchain data — which is publicly available — to try to understand what is happening in the market, though no single metric tells the whole story.

The Spent Output Profit Ratio (SOPR) is an on-chain metric that measures whether Bitcoin holders are selling at a profit or a loss. When SOPR is above 1.0, it means that, on average, coins being moved are being sold for more than they were originally acquired for.

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cointelegraph.com

BTCOn-Chain AnalysisSOPRBitcoin Market TrendsBear Market Debate

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