Bitcoin’s SOPR metric just notched its longest on-chain profit streak of 2026, with aggregate profitability holding strong for the fourth week in a row. That’s got traders debating what phase the market’s really in right now.

SOPR Shows Four Weeks of Profits

This four-week run of on-chain profit, as tracked by SOPR, is the longest we’ve seen in 2026. Some see it as a sign that demand for BTC is solid and market sentiment is finally stabilizing after a rollercoaster year.

Heads Up: BTC Price Drop Still in Play

Even with these bullish on-chain signals, a popular analyst is warning that downside risk for BTC is still on the table. In their view, the odds of a pullback haven’t disappeared—despite the extended profit streak in the network’s aggregated data.

How to Read These Mixed Signals

This combo of 2026’s longest on-chain profit stretch and ongoing warnings about downside risk shows there’s no clear consensus among traders. On-chain data looks stronger than before, but the short-term price direction for BTC is still up for debate.