SOPR
SOPR (spent output profit ratio) is an on-chain indicator that measures whether the coins moved on a given day were sold at a profit or a loss. It divides the value of spent coins at the moment they move by their value when they were last received: above 1 the average coin sold in profit, below 1 at a loss, and exactly 1 is breakeven.
How it is calculated
For every coin that moves, SOPR is the price it sold at divided by the price it was acquired at; the metric aggregates that across all coins spent in a period. It only counts coins that actually move, so it reads realized behaviour — what holders are doing — rather than paper valuation.
How to read the 1 line
The value 1 is the pivot. In an uptrend SOPR tends to bounce off 1 from above: holders refuse to sell at a loss, so 1 acts as support and dips toward it are often bought. In a downtrend SOPR repeatedly rejects 1 from below — rallies get sold into the moment holders are back to breakeven. A decisive break through 1 often marks a trend change.
Adjusted SOPR and holder cohorts
Adjusted SOPR (aSOPR) filters out coins moved within about an hour to remove exchange and internal-transfer noise. Splitting by age gives LTH-SOPR (long-term holders) and STH-SOPR (short-term holders) — long-term-holder selling in profit is a classic late-cycle distribution signal.
Common misreads
Daily SOPR is noisy and usually needs smoothing (a 7-day average) before it means much. And the 1 line is a behavioural boundary, not a mechanical one — it works because of how holders react to breakeven, so treat it as a tendency, not a rule.