Bitcoin’s short-term holder Spent Output Profit Ratio (SOPR) has risen above the break-even level of 1 to approximately 1.01, marking the cohort’s first sustained move into profit in more than a year. CryptoQuant data highlighted in early September 2026 shows that holders of coins typically held for less than 155 days had spent roughly twelve months realizing losses after Bitcoin’s October 2025 peak near $120,000-$126,000. The reading arrived as Bitcoin traded around $79,000 to $81,000, including a reported level near $79,800, and suggests selling by recent participants is shifting from capitulation to measured profit-taking. A temporary move toward or above 1 in May 2026 failed to hold, making the latest recovery more significant. Overall SOPR was also near or slightly above break-even, while some snapshots showed long-term holder SOPR near or above 1. Analysts view the change as an early constructive signal, not confirmation of a durable uptrend. They are watching whether the 30-day short-term holder SOPR average remains above 1, whether Bitcoin holds recent support, and whether price forms sustained higher highs and higher lows. Checkonchain has described the structure as resembling an early bull-market recovery, while ARK Invest portfolio manager David Puell has warned that downside risk remains until the improvement persists.