Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
BTC Bitcoin (BTC) SOPR indicator presents a significant chart for 2026
According to CryptoQuant data, Bitcoin's Expenditure Export Profit Margin (SOPR) has remained above 1 since August 19. This phenomenon shows that bitcoins transferred on the chain are generally moving at a profitable state, compared to previous transaction prices.
SOPR is currently at the level of 1.002. For indicators that typically fluctuate around 1 within a narrow range, the level that persists for more than three weeks is an important signal. Therefore, in terms of SOPR, Bitcoin has created the longest series of positive returns since 2026.
What does SOPR mean for Bitcoin?
SOPR measures whether tokens circulating on the chain change hands at a profit or loss relative to their previous transfer price. When this indicator breaks through 1, it indicates that investors mostly move their tokens in a profitable way, and market momentum shows an upward trend. Therefore, SOPR is one of the important on-chain indicators for Bitcoin investors to track market behavior. However, it does not alone prove that prices will inevitably rise or that new lows will not emerge.
In addition, this indicator can also be broken down based on the length of time investors have held the token. By analyzing SOPR data from short-term investors who have held it for no more than six months, Checkonchain assessed that the current structure enhances the possibility of Bitcoin's long-term recovery.
What signals are short-term investors sending?
Checkonchain pointed to differences in SOPR behavior in bear and bull markets in his assessment over the weekend. In a bear market, earnings gains may encounter selling pressure; in a bull market, a brief break in SOPR below flat levels may create a bottom-hunting opportunity. According to the platform's analysis, the current structure is increasingly similar to the early bull market recovery stage in history. This assessment requires investors in the cryptocurrency market to pay close attention to on-chain profitability data.
Will Bitcoin fall again during the rise in SOPR?
Despite the positive sequence of SOPR, Bitcoin has not yet been completely freed from risk. While the BTC/USD exchange rate remains in a regional price range of about $80,000, David Puell, portfolio manager at ARK Invest and founder of Puell Indicators, paints a more cautious picture.
Puell said in an interview with CryptoQuant on September 4 that more evidence is needed to conclude that the next bear market low has passed. When asked how the 25% gain Bitcoin achieved in August would continue in the fourth quarter, he pointed out that the downside risks were higher. Puell also believes that maintaining SOPR above 1 for a long time is an important prerequisite for him to change his long-term view. In his view, investors must continue to make profits before prices fall back to new lows.
What does Bitcoin need to do to reach a new high?
For SOPR's positive outlook to translate into a lasting upward trend, Bitcoin needs to strengthen its price structure. One of the basic conditions is the emergence of consecutive higher tops and higher bottoms in the market. However, according to data previously reported by Cointelegraph, this pattern has not yet formed on the weekly chart. Therefore, it is necessary to jointly evaluate the rising scenario by combining the positive signals sent by SOPR with the fact that the price structure has not yet been fully confirmed.
On the other hand, CryptoQuant CEO Ki Young Ju said in an assessment based on its bull/bear cycle indicator at the end of August that the bear market is "over." Therefore, in the current landscape, it is crucial to pay attention to both positive chain signals and potential new low risks.
This content does not constitute any investment advice. Markets are highly risky, so you must conduct independent research before making investment decisions.
