Bitcoin Metric Has Remained Above Breakeven
The entity-adjusted Spent Output Profit Ratio has stayed above 1.0 for three consecutive weeks.
Updated on Sept. 19, 2026 in Corporate Finance
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Bitcoin holders have consistently sold assets at a profit as the entity-adjusted Spent Output Profit Ratio (SOPR) held above the 1.0 threshold for three straight weeks. The cryptocurrency is currently trading near $81,119.
Why it matters
A sustained SOPR above 1.0 indicates that coins moved on-chain are generally being realized at a gain rather than a loss, signaling continued positive sentiment among investors. This pattern reflects active profit-taking across both long-term and short-term holder cohorts.
The entity-adjusted SOPR has maintained a streak above the 1.0 breakeven point since August 19, 2026. During this period, the highest recorded reading for the metric reached 1.002.
The players
Bitcoin
Bitcoin is a decentralized digital currency that operates on a peer-to-peer network without the need for a central authority.
The details
The entity-adjusted SOPR filters out internal wallet shuffles and exchange movements to provide a clearer picture of whether coins are being sold at a profit or loss. Throughout September 2026, both long-term and short-term holder SOPR readings remained above 1.0.
Timeline
The current SOPR streak above 1.0 began on August 19, 2026.
Long-term and short-term holder SOPR values remained above 1.0 throughout September 2026.
Market Dynamics
This prolonged period of profitability indicates a departure from phases where investors liquidate holdings at a loss to recoup capital. The current streak aligns with broader macroeconomic cycles where sustained price appreciation drives consistent on-chain profit realization.
The consistent reading above 1.0 suggests that the broader investor base is currently in a profit-taking phase rather than capitulation. Retail and institutional investors may view this as an indicator of market sentiment, though it does not guarantee future price action.
The takeaway
Maintaining the SOPR above the breakeven point indicates that the market is currently supported by profitable selling activity. Investors should monitor whether these levels persist, as a move back toward 1.0 or below could signify a change in market participant sentiment.
Further reading
For additional context on market indicators, visit Corporate Finance.
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