SOPR measures the average profit or loss of spent UTXOs. >1 means coins are being sold at profit; <1 means selling at a loss.
How Spent Output Profit Ratio is calculated
SOPR = Value at spend ÷ Value at creation. The 1.0 level often acts as key support/resistance.
How to read it
- On-chain metrics describe holder cost basis and profit structure; they move slowly and suit cycle context, not short-term timing.
- Compare the current reading with its historical percentile and cross-check it with at least one price-structure indicator.
Limitations and common misreads
- Historical thresholds come from a limited sample; future cycles can differ.
- Data providers can define the metric differently; cite the data date when quoting it.
- A single indicator is not investment advice and does not guarantee price direction.
Related indicators
Research and education only; not investment advice.
