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Bitcoin (BTC) is breaking with typical bear-market behavior as a classic onchain metric puts in its longest bullish streak of 2026.
Key points:
- Bitcoin’s SOPR metric has stayed above its breakeven point of 1 for three full weeks, its longest stint in 2026.
- Analysis suggests that UTXO profitability is reflecting a return to bull-market conditions.
- David Puell says SOPR must stay bullish for longer, seeing more BTC price downside to come.
SOPR data repeats early bull-market activity
Data from crypto analytics platform CryptoQuant shows that the spent output profit ratio (SOPR) has now been above its breakeven level of 1 since Aug. 19. SOPR measures the extent to which coins moving onchain do so at a higher or lower price compared to the previous transaction.
The metric, which generally moves in a tight range around 1, currently measures 1.002. Values above 1 indicate that coins are mostly being moved in profit — a sign of overall…
