Bitcoin’s Spent Output Profit Ratio (SOPR) has remained above the break-even level of 1 for three consecutive weeks since Aug. 19, marking the longest continuous profitable period of 2026. The current SOPR reading is 1.002, indicating that most coins moved on-chain are being transferred at a profit and typically reflecting bullish market momentum. Checkonchain said the structure more closely resembles an early bull-market recovery than a bear-market rebound, while short-term holder SOPR data also supports that view. However, David Puell cautioned that SOPR must remain bullish over a longer period and continue showing profits without Bitcoin prices making new lows before there is enough evidence that the bear-market bottom has passed. He said Bitcoin remains exposed to further downside risk. Ki Young Ju previously said his bull-bear cycle indicator showed that the bear market had ended.