In periods of heightened volatility, many investors reflexively turn to headlines and narratives. Yet within the Bitcoin market, one of the most consistent measures of underlying sentiment remains on-chain data — specifically, the Spent Output Profit Ratio, or SOPR.

Rather than tracking price action alone, SOPR highlights the profitability of coins being moved, offering insight into whether market participants are exiting at a gain or a loss. It is not a timing tool — it is a behavioural barometer.