Bitcoin SOPR Hits Longest Profit Run of 2026

Bitcoin’s onchain profit gauge has remained in positive territory for four consecutive weeks, marking the longest profit run of 2026 so far. The pattern suggests holders have continued to realize gains rather than capitulate, a backdrop that typically points to firmer market structure.

The signal comes as a popular analyst cautioned that downside risk in BTC remains intact. That split view leaves traders with a mixed read: onchain profitability has improved, but price action has not fully invalidated the possibility of another corrective leg.

The spent output profit ratio, or SOPR, measures whether coins moved onchain were sold at a profit or a loss. Readings above 1 indicate realized gains. A sustained stretch above that threshold often reflects healthier holder behavior, though it can also precede local tops if profit-taking becomes excessive.

For now, the data challenge the simplest bear-market thesis. Still, the market has not produced a decisive confirmation that demand has absorbed supply with enough force to establish a clean bullish regime. In that sense, the current setup looks constructive but not conclusive.

Broader sentiment also leans supportive. The Fear and Greed Index stands at 66, which indicates greed and suggests traders are willing to tolerate more risk. That backdrop can reinforce upside follow-through, but it also raises the odds of sharper swings if momentum stalls.