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SOPR (Spent Output Profit Ratio)
A measure of whether coins moving on-chain are, in aggregate, being sold at a profit or a loss relative to when they were last acquired.
SOPR (Spent Output Profit Ratio) measures whether coins being moved on-chain at a given moment are, in aggregate, being sold at a profit or a loss, by comparing the price at which each moved coin was last acquired to its value at the moment it moves again.
A SOPR above 1 means coins moving on-chain are, in aggregate, realizing a profit; below 1 means a realized loss. See Kaavon's dedicated SOPR article for the full calculation and its limitations.
Examples
- SOPR dipping toward or below 1 during a downtrend is commonly discussed as reflecting holders capitulating and selling near their original cost.
- SOPR is calculated from actual on-chain movement, not from any exchange's live order book.