CryptoQuant’s SOPR (Spent Output Profit Ratio) has remained above the breakeven level of 1 since August 19, currently at 1.002, indicating that coins are being moved at a profit. This three-week period marks the longest bullish SOPR streak of 2026. David Puell, portfolio manager at ARK Invest and creator of the Puell Multiple, remains cautious and believes more evidence is needed to confirm the bear market bottom is in, favoring downside risk for Q4. Conversely, CryptoQuant CEO Ki Young Ju stated in late August that the bear market is already over based on the proprietary Bull/Bear Market Cycle Indicator.
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