SOPR (Spent Output Profit Ratio)
On-chain metric showing whether investors sell BTC at profit or loss.
SOPR (Spent Output Profit Ratio) is a Bitcoin on-chain metric measuring the ratio of price at which coins were sold versus price at which they were acquired.
Formula:
•SOPR = Realized value / Paid value
•SOPR > 1 → selling at profit (bullish sentiment)
•SOPR < 1 → selling at loss (capitulation)
•SOPR = 1 → selling at break-even
Interpretation:
Bull market:
•SOPR > 1 persistently — everyone in profit, little selling pressure
•SOPR return to 1.0 = good buying zone (investors holding)
Bear market:
•SOPR < 1 → investors selling at loss = possible capitulation
•Bottom formation: SOPR stays < 1 long, then crosses 1 = bottom
aSOPR (adjusted):
•Excludes short-term transfers (< 1 hour)
•More accurate signal by eliminating exchange movements
Where to find it:
•Glassnode, CryptoQuant, Look Into Bitcoin
Note: Works better for BTC than altcoins (due to UTXO model).