Bitcoin On-Chain Profitability Structure Approaches Early Bull Market, But Downside Risks Remain

On September 9, CryptoQuant data showed that the Bitcoin spent output profit ratio (SOPR) has remained above the breakeven line of 1 for three consecutive weeks since August 19, marking the longest streak since 2026, with the current reading at approximately 1.002. A SOPR above 1 indicates that the overall BTC being transferred on-chain is in a profitable state. On-chain analysis platform Checkonchain noted that price rebounds into the profit zone during bear markets typically face sell-offs, while brief dips below the breakeven line in bull markets often create buying opportunities. The current structure is beginning to resemble the early recovery phase of a bull market. However, ARK Invest portfolio manager David Puell believes that there are still downside risks for Bitcoin's price. The SOPR needs to remain above 1 for a longer period, and the BTC price must establish a series of higher highs and higher lows to provide more substantial evidence for the end of the bear market.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.