SOPR

SOPR (Spent Output Profit Ratio) is an on-chain indicator that measures, for coins moved in a given period, the ratio of the price at which they were spent to the price at which they were acquired. Created by Renato Shirakashi, it is computed as realized value in USD divided by value at creation in USD, aggregated across all spent outputs. In plain terms, it answers whether the coins changing hands are, on average, being moved at a profit or a loss.

How to read the value

A SOPR above 1 means the coins moved were, on aggregate, spent for more than they were acquired for, realizing a profit. A SOPR below 1 means they were moved at a loss. A reading of exactly 1 marks aggregate breakeven, a level that often acts as a behavioral pivot because holders are frequently reluctant to spend at a loss.

Common refinements

Because newly created coins moving quickly can muddy the signal, analysts often filter out outputs younger than one hour. Cohort-specific variants such as STH-SOPR and LTH-SOPR isolate short-term and long-term holders, while adjusted SOPR (aSOPR) removes very short-lived outputs to reduce noise from internal transfers and exchange activity.

This metric is educational and not trading advice. It draws on the same per-output cost-basis data as Realized Price, and like other on-chain measures it is reconstructed from the UTXO set.