Insights
SOPR (Spent Output Profit Ratio)
Shows whether the people selling coins today are selling at a profit or at a loss.
Here's the trend so far. The yellow dashed line is the Bitcoin price.
How to read this chart
The average sell price ÷ buy price of coins moved today. Above 1.0 means profit-taking, below means loss-realizing. In bull markets 1.0 has often acted as a floor (fewer people sell at break-even), and in bear markets as a ceiling.
New to this metric?
What is SOPR? The average of how much coins moved (sold) today fetched relative to their last purchase price. Above 1 means more profit-taking, below 1 means more loss-realizing.
How is it calculated?
For every coin that moved on-chain that day, divide the price it was sold at by the price it was last bought at, then average those ratios. Trades inside exchanges are not captured; only coins that actually moved on-chain count.
Why does it matter?
It shows the moment gains and losses are actually locked in. When everyone takes profit, more profit-taking supply tends to follow; selling at a loss means many holders are capitulating. Historically those stretches often overlapped with cycle bottoms.
How do I use it?
Rather than timing trades off one number, use it to read the mood: is the market selling to enjoy gains or selling because it can't hold on? Dips toward 1.0 in a bull market have read as pullbacks, and failing to reclaim 1.0 in a bear market as a limit on bounces, but never treat that as certain.