Bitcoin just flashed an on-chain signal that could mark the end of its bear cycle. According to analytics firm CryptoQuant, SOPR has moved out of the bearish zone for the first time in 11 months. CryptoQuant says this could mean the market is gearing up for a bullish phase.

SOPR Breaks Out of Bearish Zone

Traders are locking in profits on local rallies, but the market is holding up against selling pressure. That’s a big shift from the last stretch, when most trades were closing at a loss or just breaking even.

Context: 2025 Peak and July Dip

After the peak in October 2025, most Bitcoin holders were selling at a loss or at breakeven. In July, BTC dropped to $58,000—CryptoQuant thinks that level might have marked the cycle’s bottom.

What Is SOPR?

SOPR is an on-chain indicator that tracks whether, on average, BTC is being moved at a profit or a loss.