Crypto glossary
Spent output profit ratio (SOPR)
The spent output profit ratio (SOPR) shows whether coins moved on-chain on a given day were sold, on average, at a profit or at a loss.
SOPR, created by analyst Renato Shirakashi, divides the dollar value of spent outputs when they move by their value when they were created. A reading above 1 means coins spent that day were, on average, in profit; below 1, they were moved at a loss. Because it uses actual spending, it reflects realized rather than paper gains.
Traders watch how SOPR behaves around 1. In uptrends, dips toward 1 often find support because holders are reluctant to sell at breakeven; in downtrends, rallies back to 1 can meet selling from people happy to get out flat. Variants such as adjusted SOPR filter out very young coins, and others split long-term and short-term holders.
Like other UTXO metrics, it works best on Bitcoin. Transfers between a holder's own wallets or exchange wallets count as spending even if no sale happened, which adds noise, and daily readings are volatile, so analysts usually smooth them with moving averages.
Example
During a sharp correction, Bitcoin's SOPR falls to 0.96, showing that coins moved that day were, on average, sold for 4% less than they cost.