Bitcoin Demand Remains Strong as Profitability Metric Stays Above Breakeven

Bitcoin's on-chain profitability metric, the entity-adjusted Spent Output Profit Ratio (SOPR), has remained above the critical threshold of 1.0 for three consecutive weeks, marking the longest streak in 2026. This indicates that despite holders selling their assets for profit, the market is absorbing these sales without significant disruption. As of now, Bitcoin is trading at approximately $81,119, with the standard SOPR recorded at around 1.008, suggesting that the average coin is being sold for more than its original purchase price.

The entity-adjusted SOPR, provided by analytics firm Glassnode, filters out irrelevant transactions to reflect genuine economic activity. A reading above 1.0 signifies that holders are cashing out gains, while a reading below indicates losses. The current streak began on August 19, 2026, and contrasts with earlier attempts this year, which were quickly reversed by sellers, indicating a potential shift in the balance of demand and supply in the market.

Both long-term and short-term holders are currently showing SOPR readings above 1.0, suggesting that neither group is facing losses on average. Analysts, including David Puell from ARK Invest, express cautious optimism about the current metrics, noting that while three weeks of profitability is encouraging, a longer duration of sustained profitability would provide stronger evidence of a market regime shift. Should the SOPR fall below 1.0, it could signal a downturn, as historical data links such drops to capitulation events and extended downtrends.

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Source: KLEA News