Bitcoin shows strong demand as entity-adjusted SOPR stays above 1

Bitcoin holders are selling at a profit, and the market is absorbing every coin without flinching. That’s the story being told by the entity-adjusted Spent Output Profit Ratio, or SOPR, which has remained stubbornly above 1.0 for three consecutive weeks, the longest such streak this year.

With Bitcoin trading near $81,119, the standard SOPR sits at approximately 1.008. It’s a small number with outsized implications: every tick above 1.0 means the average coin being moved on-chain is being sold for more than it was originally acquired for.

What SOPR actually tells us

SOPR measures whether coins being spent on-chain are moving at a profit or a loss. A reading of exactly 1.0 is breakeven. Above that, holders are, on average, cashing out gains. Below it, they’re crystallizing losses.

The “entity-adjusted” version, provided by Glassnode, filters out noise from internal wallet shuffles and exchange movements. It isolates real economic activity from the kind of housekeeping transactions that would otherwise muddy the signal.

The current streak above breakeven began on August 19, 2026. Earlier this year, every attempt to sustain profitability above that 1.0 line was met with swift rejection, as sellers overwhelmed buyers and dragged the metric back below breakeven. The fact that this streak has lasted longer than any previous one in 2026 suggests something has shifted in the demand-supply balance.

During this stretch, the highest recorded SOPR reading reached 1.002 according to CryptoQuant. Consistent profitability without dramatic spikes is often more telling than a single blow-off reading, suggesting steady, orderly profit-taking rather than euphoric dumping.

Early bull market vibes, with caveats

Both long-term and short-term holder SOPR readings showed values above 1.0 in September 2026, meaning neither cohort is underwater on aggregate. In bearish phases, short-term holders typically show SOPR readings below 1.0 because they bought recently at higher prices and are now selling at a loss.

David Puell from ARK Invest has offered a measured take. While current metrics look promising, he cautions that a definitive market regime shift may require further confirmation. Three weeks of profitability is encouraging. Three months would be convincing.

What a break below 1.0 would mean

If SOPR drops below 1.0, it means the average coin being moved is being sold at a loss. Historically, sustained SOPR readings below 1.0 have coincided with capitulation events and prolonged downtrends.

The current reading of 1.008 provides a thin but meaningful buffer above that danger zone. As long as profit-taking can occur without dragging the metric below breakeven, the market is demonstrating that demand exists at current price levels.

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