SOPR — Is the Market Selling at a Profit?
Spent Output Profit Ratio · daily since the first halving · charts.blockhorizon.io
Realized profit and loss on spent coins — SOPR
History starts at the first halving (November 2012). Before that the market had no liquidity and the swings would squash the rest of the chart into a sliver around one.
SOPR is the ratio between the price a coin sold for and the price it was last acquired at. Above 1.0 the market is realizing profit; below one it is selling at a loss.
That one is the whole story: in a bull market it acts as support — nobody wants to sell below their own cost basis, dips get bought and SOPR bounces off 1.0. In a bear market the roles flip and one becomes resistance: every rally gets sold as soon as people are back to break-even.
aSOPR drops coins younger than an hour — mostly transfers between one owner's own wallets rather than real sales, which push SOPR toward one. The short- and long-term split then shows who exactly is realizing.
The daily reading is noisy (the median daily move is almost a percent), so a seven-day average is drawn over it. The raw series is what shows capitulation lows — the all-time low of 0.834 hit on the COVID crash of 12 March 2020.