Bitcoin SOPR Holds Above 1 for Record 2026 Streak
Bitcoin SOPR has stayed above the 1.0 breakeven level for three consecutive weeks, marking its longest profitable stretch of 2026. Earlier data showed a reading of 1.002, while the latest standard SOPR was about 1.008 as Bitcoin traded near $81,119. This indicates that coins moved on-chain were generally sold at a profit.
The entity-adjusted Bitcoin SOPR from Glassnode excludes internal wallet transfers and exchange activity. Its sustained position above 1 suggests demand is absorbing profit-taking without broad selling pressure. Both long-term and short-term holder SOPR also remained above 1 in September, pointing to a stronger market structure than the loss-taking conditions typical of a bear market.
However, ARK Invest’s David Puell warned that three weeks of profitability does not confirm a lasting market regime change. Bitcoin needs a longer period above breakeven without making new lows to establish a durable recovery. For traders, a sustained Bitcoin SOPR break below 1.0 would be a bearish warning, while continued stability above 1 supports a cautiously bullish outlook.
Bullish
The Bitcoin SOPR signal is cautiously bullish because it has remained above 1.0 for three weeks, the longest profitable streak of 2026. Standard, entity-adjusted, long-term holder and short-term holder SOPR readings all point to profitable transfers and orderly profit-taking rather than widespread capitulation. This may support Bitcoin price stability and encourage short-term traders to maintain bullish positions.
The signal is not strong enough to confirm a durable bull-market reversal. The margin above breakeven remains narrow, and David Puell has warned that a longer period without new lows is needed. A sustained move below 1.0 could indicate renewed loss-taking, heavier selling pressure and possible capitulation. Therefore, the immediate bias is bullish, but traders should treat the indicator as confirmation of resilience rather than proof of a full trend reversal.