The adjusted SOPR (Spend Output Profit Ratio) for Bitcoin [BTC] has stabilized and is now in a structurally significant range. Since May 1, the SOPR has been above 1 for nine days in a row.
To put it into perspective, a value greater than 1 indicates that Bitcoin is being spent profitably. However, if the value is less than 1, it means that the spent coins of the blockchain lose money. The nine-day run is a testament to the fact that the gains are sustainable and not a one-time event.
Has such a positive SOPR sequence occurred before?
Such a long run was last observed on October 19, 2025 and lasted 17 days until November 4, 2025.
Although Bitcoin is absorbing profit-taking without experiencing an immediate drop in price structure, the situation is not yet bullish.
Simply put, this indicates a shift from a market experiencing losses to one in which participants are once again experiencing steady gains.
However, the current positive value would be diluted if the SOPR fell below the threshold of 1, which would mean that the market is once again processing coins at a loss.
This comes at a time when Bitcoin was trading at $80,958.20, after rising 2.51% in the past week and up over 11% in the past month.
Do other on-chain metrics tell the same story?
Along with SOPR, the MVRV ratio also suggested the same. According to Santiment’s data, short-term traders are making money again, while medium-term traders are stabilizing. However, long-term investors continue to suffer significant unrealized losses.
Furthermore, Bitcoin’s Net Realized Profit and Loss (NRPL), which stands at $172 million, indicates that investors are making money again, albeit not exuberantly.
In contrast to 2025, this suggests that realized profits are significantly lower, speculation appears to be more subdued and selling pressure is easier to handle.
Despite 2026 being a tough year for Bitcoin, AMBCrypto previously reiterated:
Bitcoin is no longer behaving like an outlier in the market.
Final summary
- The SOPR, MVRV and NRPL metrics suggested that Bitcoin was stabilizing and investor profitability was increasing.
- However, realized gains and speculative activity are still quite low compared to the 2025 rallies.