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Spent Output Profit Ratio (SOPR)

Spent Output Profit Ratio is calculated for every coin that moves on-chain on a given day by dividing the price at which it moved by the price at which it was last acquired, then aggregating across all coins moved that day. A SOPR reading above 1 means that, on average, coins spent that day are being sold at a profit; a reading below 1 means they are being sold at a loss.

SOPR is often used to describe transitions in market behavior. In an uptrend, SOPR dipping to or briefly below 1 and then recovering is sometimes described as a "SOPR reset" — a point where profit-taking pressure eased enough for the ratio to approach breakeven before resuming higher, a pattern some observers treat as consistent with continued upward moves. In a downtrend, SOPR holding persistently below 1 describes sustained loss-realization across the holder base.

Because SOPR is calculated from actual on-chain spending rather than order-book activity, it reflects realized, not paper, profit and loss — but only for coins that move on a given day, so it says nothing about the majority of supply that stays dormant.