Decoding Bitcoin’s 9-day recovery: Why steady profits are sign of health

The adjusted SOPR (Spent Output Profit Ratio) for Bitcoin [BTC] has stabilized and is now in a structurally significant range. Since the 1st of May, the SOPR has been above 1 for nine days in a row.

Source: CryptoQuant

To put it in 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 blockchain’s spent coins are losing money. The nine-day run attests to the fact that the profit is sustained rather than a one-time event.

Did such a positive SOPR streak occur before?

Such a long run was last observed on the 19th of October, 2025, and lasted for 17 days until the 4th of November, 2025.

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Source: CryptoQuant

Notably, though Bitcoin is absorbing profit-taking without experiencing an immediate decline in price structure, the situation is not yet bullish.

Put simply, this signals a shift from a market experiencing loss to one where participants are once again experiencing steady profits.

However, the current positive reading would be weakened if the SOPR fell below the 1 threshold, 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 a hike of 2.51% in the past week and a hike of over 11% in the past month.

Are other on-chain metrics telling the same story?

Along with SOPR, the MVRV ratio also suggested the same. According to Santiment’s data, short-term traders are once again making money, and medium-term traders are stabilizing. However, long-term investors continue to bear significant unrealized losses.

Source: Santiment

Additionally, Bitcoin’s Net Realized Profit and Loss (NRPL), which stands at $172 million, indicates that investors are once more making money, albeit not to the exuberant degree.

Source: CryptoQuant

In contrast to 2025, this indicates that realized profits are significantly lower, speculation appears to be more subdued, and selling pressure is easier to handle.

In fact, despite 2026 being a difficult year for Bitcoin, AMBCrypto previously reiterated,

Bitcoin is no longer behaving like a market outlier.

Final Summary

• _The SOPR, MVRV, and NRPL metrics suggested that Bitcoin was stabilizing and investor profitability was increasing. _
• However, realized profits and speculative activity are still quite low compared to the 2025 rallies.