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

Bitcoin's entity-adjusted Spent Output Profit Ratio (SOPR) has maintained a level above 1.0 for three consecutive weeks, marking the longest sustained streak above breakeven in 2026. With Bitcoin trading near $81,119, the standard SOPR stands at approximately 1.008, indicating that coins moved on-chain are consistently being sold at a profit while buyers absorb the supply without triggering notable price declines. The metric, curated by Glassnode to filter out internal wallet movements and exchange noise, previously struggled to remain above 1.0 earlier this year amid swift seller rejections. Both short-term and long-term holder cohorts currently reflect SOPR values above 1.0, signifying that neither investor group is underwater on aggregate. Analysts, including ARK Invest's David Puell, note that while the multi-week profitability trend indicates robust underlying demand and early bull market dynamics, extended confirmation over a multi-month span will be crucial to cement a definitive market regime shift.