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      Bitcoin On-Chain Spending Profit Ratio Indicates Longest Bullish Cycle Since 2026

      The Bitcoin On-Chain Spending Profit Ratio (SOPR) has surpassed the breakeven point of 1 for three consecutive weeks, marking the longest bullish cycle since 2026. Data from CryptoQuant reveals that this metric has consistently remained above 1 since August 19, with the current SOPR reported at 1.002. This indicates that the majority of Bitcoin transactions on the blockchain are occurring at a profit.

      On-chain analysis tool Checkonchain highlights that the short-term holder SOPR is beginning to mirror the early stages of a bull market recovery, contrasting with the rebound-and-sell patterns typical of a bear market. However, David Puell, a portfolio manager at ARK Invest, cautions that Bitcoin still faces potential downside risks. He emphasizes the need for more evidence to confirm that the bottom of the current bear market has been reached, noting that the SOPR must remain above 1 for an extended period and that investors should continue to realize profits without new price lows.

      Puell also points out that Bitcoin needs to establish a pattern of higher highs and higher lows on a weekly basis, which has not yet been observed. Previously, CryptoQuant CEO Ki Young Ju had indicated that the bear market might be over based on his proprietary bull-bear market cycle indicator. Currently, Bitcoin prices are fluctuating around $80,000.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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