Bitcoin's Spent Output Profit Ratio (SOPR) indicator has remained above the level of 1 since August 19th, according to data from CryptoQuant. This positive streak has lasted for three weeks and has become the longest in 2026. The latest value of the metric is around 1.002.
SOPR shows whether previously acquired coins are being moved at a profit or a loss. A value above 1 means that, on average, investors are selling bitcoin above their purchase price, whereas a drop below this mark indicates the realization of losses.
A similar picture is recorded by Glassnode. As of September 8th, the aggregate SOPR was around 1.017.
On September 7th, the indicator for short-term holders was at the level of 1.012, while for long-term holders it was around 1.138. Thus, on average, both groups were moving coins at a profit.
Analysts at Checkonchain have noted a change in the behavior of short-term holders. According to their assessment, during a bear market, a return to profitability usually leads to increased selling, whereas in a bullish phase, a temporary drop of SOPR below 1 is more often perceived by investors as a buying opportunity.
"The current structure is starting to resemble more the early stages of a bull market recovery," noted the experts.
This signal complements other on-chain metrics, which in recent weeks have been pointing to an improvement in market structure. At the end of August, CryptoQuant CEO Ki Young Ju stated the end of Bitcoin's bear cycle. Back then, the Bull/Bear Market Cycle Indicator moved into positive territory for the first time since October 2025.
However, there is no clear confirmation of a new macro trend yet. ARK Invest portfolio manager and creator of the Puell Multiple indicator, David Puell, in an interview with CryptoQuant on September 4th, acknowledged the risk of further decline for bitcoin.
In his opinion, for a more confident signal, SOPR needs to stay above 1 for an extended period without forming new price lows.
Furthermore, spot demand does not yet provide clear confirmation of a continuation of the rise. CryptoQuant analysts noted on September 8th that large investors continue to accumulate bitcoin, but for the upward trend to be sustained, the market needs to absorb the supply in the range of $82,000-$83,000.
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