Part of: Bitcoin On-Chain Indicators Hub Terms: Crypto Dictionary Related: Realised Price Bands Realised PnL Ratio CDD And VDD
Key Points
SOPR measures whether coins spent on-chain moved in profit or in loss.
The 1.0 line is the key behavioural threshold: above 1.0 shows average profit, below 1.0 shows average loss.
Adjusted SOPR filters very young outputs, making regime reads cleaner than raw SOPR for most weekly work.
Retests of 1.0 from above can show absorption during uptrends, while failed moves back above 1.0 can show stress during downtrends.
SOPR works best with realised price bands, realised profit and loss, and spending-age indicators.
Do not use SOPR as a standalone buy or sell signal. It is a behaviour layer, not a trade trigger.
Quick Answer

SOPR measures whether Bitcoin being spent on-chain is being realised in profit or in loss by comparing the value when coins were created with the value when they are later spent. When SOPR holds above 1.0, profit-taking is being absorbed more easily. When SOPR stays below 1.0, losses are being locked in and the 1.0 level often becomes resistance.

What Is SOPR?

SOPR stands for Spent Output Profit Ratio. It measures whether coins that move on-chain are being spent at a profit or at a loss.

The metric compares the value of coins when they were created with the value when they are later spent. That makes SOPR a behavioural indicator, not just a price indicator.

Simple read: SOPR above 1.0 means the average coin spent during the period moved at a profit. SOPR below 1.0 means the average coin moved at a loss. SOPR at 1.0 is breakeven.

The chart below shows adjusted SOPR, often called aSOPR. This version filters very young outputs, which can make the profit and loss regime easier to read.

Bitcoin aSOPR. This chart shows adjusted SOPR around the 1.0 line, helping separate profit-taking regimes from loss-taking regimes while filtering very young outputs. Source: CryptoQuant.

How Is SOPR Calculated?

SOPR is built from spent outputs. For each spent output, the calculation compares the value when the coin was created with the value when it was later spent.

  1. Take all spent outputs during the chosen period.
  2. Compare the value of each output when created with the value when spent.
  3. Aggregate those ratios to create SOPR for the period.

Adjusted SOPR removes very young outputs. That helps reduce short-term distortion from self-spends, reshuffles, and very short-lived movement. For market regime work, aSOPR on a weekly chart is usually cleaner than raw daily SOPR.

The broader SOPR chart below shows how the metric behaves across cycle phases, including periods where the market spends in profit and periods where loss realisation dominates.

Bitcoin SOPR. This chart shows the broader SOPR read across cycle phases, with values above 1.0 showing spent coins moving in profit and values below 1.0 showing spent coins moving at a loss. Source: Bitcoin Magazine Pro.

How To Interpret The 1.0 Line

The 1.0 line is the main SOPR threshold. It marks breakeven for the average spent coin.

Above 1.0
Profit-taking is being absorbed
When SOPR holds above 1.0, coins are moving at a profit and the market is absorbing that spending. In stronger regimes, dips towards 1.0 can reset excess without breaking the trend.
At 1.0
Breakeven behaviour
The market is spending near cost basis. This area often becomes a behavioural pivot, especially when holders are deciding whether to sell into strength or hold through stress.
Below 1.0
Losses are being locked in
When SOPR stays below 1.0, coins are moving at a loss. In weaker regimes, 1.0 often acts as resistance because holders use breakeven rallies to exit.

Key SOPR Variants You Will Use

aSOPR

Adjusted SOPR filters very young outputs. This is usually the cleanest version for regime work because it reduces short-lived distortions from self-spends and quick reshuffles.

STH-SOPR

Short-Term Holder SOPR focuses on newer buyers. It is useful for identifying stress in recent market participants, especially when price trades near short-term holder cost basis.

LTH-SOPR

Long-Term Holder SOPR focuses on older supply. When it rises sharply during strength, it can show older holders distributing into a rally. That does not make the signal bearish by itself, but it changes the quality of the move.

A Simple SOPR Workflow You Can Reuse

  1. Open aSOPR on a weekly view and mark whether it is above, below, or testing 1.0.
  2. Check whether the move is persistent or just a short-lived cross.
  3. Compare price with Market Realised Price, STH Realised Price, and LTH Realised Price.
  4. Inspect Realised PnL Ratio and realised profit and loss to judge whether the market is absorbing profit-taking or locking in losses.
  5. Add CDD or VDD to see whether older coins are contributing to the move.
  6. Form the read only after the behaviour, cost basis, and spending-age signals point in the same direction.

Common trap: SOPR is not a trigger. A single cross above or below 1.0 can reverse quickly. The useful read comes from persistence and confirmation across related indicators.

Bitcoin Barometer

SOPR feeds the Absorption and Spending score inside the Bitcoin Barometer. See where the Absorption and Spending family sits in the current cycle.

See the Bitcoin Barometer →

Mini FAQs

It shows whether coins being spent on-chain are being realised in profit or in loss, which helps reveal selling behaviour beneath price.
aSOPR filters very young outputs, which reduces short-term distortion from self-spends and quick reshuffles.
Above 1.0, profit-taking is being absorbed more easily. Below 1.0, loss-taking is dominating and 1.0 often becomes resistance in downtrends.
No. It is a behaviour layer. It works best when confirmed with cost basis, realised profit and loss, and flow indicators.
aSOPR is useful for cleaner regime reads, STH-SOPR helps show stress on newer buyers, and LTH-SOPR helps show whether older supply is distributing.
Weekly is usually enough for most readers. Daily checks can overreact to short-lived movement unless the regime is already clear.

This guide covers the educational framework. Applying it to live cycle conditions, with KAIROS timing and mapped DCA levels, is what Alpha Insider membership provides each week.

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Legal and Risk Notice

This content is for education only and does not constitute financial advice. Crypto assets are volatile and you can lose money. Always do your own research and consider your risk tolerance before making any investment decisions.