[Analysis: Bitcoin On-Chain Profitability Structure Approaches Early Bull Market, But Downside Risks Remain] BlockBeats News, September 9, CryptoQuant data shows that Bitcoin's Spent Output Profit Ratio (SOPR) has remained above the breakeven line of 1 for three consecutive weeks since August 19, marking the longest record since 2026, with the current reading at approximately 1.002. SOPR above 1 indicates that BTC transferred on-chain is overall in a profitable state. On-chain analysis platform Checkonchain stated that during bear markets, price rebounds into the profitability range are often followed by sell-offs, whereas in bull markets, brief dips below the breakeven line 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 Bitcoin's price still faces downside risks. SOPR needs to remain above 1 for a longer period, and BTC's price must form a series of higher highs and higher lows to provide stronger evidence for the end of the bear market. [Original Link]