SOPR
What Is SOPR?
Spent Output Profit Ratio — the ratio of the price at which coins were spent to the price at which they were acquired. Shows whether coins are being moved at a profit (>1) or loss (<1).
How to Interpret
SOPR > 1 means coins are moving at profit; < 1 at a loss. In bull markets, SOPR bouncing off 1.0 from above is a buying signal. In bear markets, rejection at 1.0 from below is a selling signal.
More Profit & Loss Metrics
Capital Rotation
Tracks the flow of capital between different cohorts of Bitcoin holders — from long-term holders to short-term holders and vice versa, based on UTXO age distribution changes.
MVRV Gradients
The rate of change of the MVRV ratio over time. Shows the acceleration or deceleration of unrealised profits/losses across the market.
Net Realised Profit/Loss
The net difference between realised profit and realised loss on a given day. Shows whether more value is being realised as profit or loss across the network.
Realised Cap
The sum of all UTXOs valued at the price they were last transacted. Unlike market cap which values all coins at current price, Realised Cap weights each coin by its last on-chain moved price.