Improvement in Bitcoin Profitability Amid Ongoing ETF Fund Outflow Concerns

Bitcoin's on-chain profitability has improved, but inflation and rising government bond yields are putting pressure on the cryptocurrency market. Crypto.com analyzed that Bitcoin's Spent Output Profit Ratio (SOPR) has exceeded the baseline of 1.0 for three consecutive weeks, marking the longest period of profitability in 2026. However, due to fund outflows from U.S. spot ETFs and macroeconomic uncertainties, it is difficult to be optimistic about market recovery. In August, the U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) rose by 0.4% each, with the year-on-year increase in CPI recorded at 3.4%. Geopolitical risks in the Middle East have pushed West Texas Intermediate (WTI) crude oil prices above $100 per barrel, increasing interest rate pressures. The yield on U.S. 10-year Treasury bonds reached a high of 4.97%, the highest since October 2023, while the 30-year yield hit 5.35%. Last week, there was a net outflow of $463 million from U.S. Bitcoin spot ETFs, and $197 million also left Ethereum spot ETFs. According to Crypto.com's analysis, while most major cryptocurrencies declined, Polkadot (DOT) and Filecoin (FIL) maintained an upward trend. The improvement in Bitcoin's on-chain metrics has not spread to other assets or industries. Policy changes and the introduction of on-chain finance by companies are also impacting the market.

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