Bitcoin Recorded Its Longest Streak of Profit-Taking Selling in 2026

• Bitcoin’s SOPR indicator has remained above the breakeven level since August 19.
• This is the longest streak of positive readings for the metric in 2026.
• However, analysts disagree on whether the asset’s bear cycle has ended.

Bitcoin’s Spent Output Profit Ratio (SOPR) indicator has remained above 1 since August 19, according to CryptoQuant data. The positive streak has now lasted three weeks, making it the longest in 2026. The latest reading 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, while a drop below that level indicates loss-taking.

Glassnode shows a similar picture. As of September 8, the aggregated SOPR was around 1.017. 

Meanwhile, on September 7, the metric for short-term holders stood at 1.012, while for long-term holders it was around 1.138. This means both groups were moving coins at a profit on average.

Checkonchain analysts drew attention to a shift in short-term holder behavior. In their view, during a bear market, a return to profitability typically leads to heavier selling, while in a bull phase, a brief dip in SOPR below 1 is more often seen by investors as a buying opportunity.

“The current structure is starting to look more like the early stages of a bull market recovery,” the experts noted.

This signal complements other onchain metrics that have pointed to an improving market structure in recent weeks. In late August, CryptoQuant CEO Ki Young Ju said that Bitcoin’s bear cycle had ended. At the time, the Bull/Bear Market Cycle Indicator moved into positive territory for the first time since October 2025.

That said, there is still no clear confirmation of a new macro trend. In an interview with CryptoQuant on September 4, ARK Invest portfolio manager and creator of the Puell Multiple indicator David Puell allowed for the risk that bitcoin could continue to decline. 

In his view, for a more confident signal, SOPR needs to hold above 1 for an extended period without printing new price lows.

In addition, spot demand has yet to provide an unambiguous confirmation that the rally will continue. On September 8, CryptoQuant analysts noted that large investors are still accumulating bitcoin, but for the uptrend to take hold, the market needs to absorb supply around $82,000 — $83,000.

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