Bitcoin SOPR (Spent Output Profit Ratio)
A real-time read on aggregate holder profitability: whether the coins moving on-chain today are being spent at a profit or a loss relative to the price they last moved at.
SOPR — spent-output profit ratio & realized P&L
SOPR compares the price coins move at today against the price they last moved at — above the 1.0 break-even line means the market is, on balance, spending coins at a profit; below means at a loss. The bars are the realized net P&L those spends locked in each day (green = net gains, red = net losses); the purple line is the running total since genesis. Computed from a blockchain-derived UTXO-age index joined with daily price — informational, not financial advice.
What SOPR is
Every time a coin is spent, the output being moved was created at some earlier price and is changing hands now at today's price. SOPR — the Spent Output Profit Ratio — aggregates that across all coins spent in a period and asks a single question: on balance, are people moving coins at a profit or at a loss? Because it's built purely from on-chain history — the price a coin last moved at versus the price it's moving at now — it reflects realized behaviour, not speculation about where price might go.
How it's calculated
SOPR is realized value ÷ value at creation — the USD value of spent outputs at the moment they're spent, divided by their USD value when they were created. A reading of exactly 1.0 means coins are moving at break-even on average; above 1.0 means the coins spent that day realized a net gain; below 1.0 means a net loss.
We compute it from on-chain UTXO history, alongside the dollar magnitude behind the ratio — daily realized profit/loss and net realized profit/loss (NRPL).
How to read it — the 1.0 line
The 1.0 level is the axis everything turns on. In healthy uptrends SOPR tends to hold above 1 and "bounce" off it: when the market dips toward break-even, holders become reluctant to spend at a loss, loss-taking dries up, and SOPR resets back above 1. In downtrends the pattern inverts — SOPR stalls below 1, and rallies back toward 1 tend to meet selling from holders finally getting back to break-even.
Sustained readings well above 1 indicate heavy profit-taking; readings well below 1 indicate capitulation. As with every metric here, it's a behavioural gauge of what holders just did — not a forecast of what price does next.
Caveats
A few things to keep in mind. The most recent day is provisional — SOPR revises as the UTC day closes and late spends land, so read the prior day for a settled figure. Exchange consolidations and self-transfers move coins without a true change of owner, adding volume that is not economic selling. And this is raw SOPR across all spent outputs, not the adjusted (aSOPR) variant that filters coins moved within a day. Read it as a behavioural gauge — information, not advice.
Frequently asked
What does a SOPR above 1 mean?
It means the coins moved on-chain that day were, on average, spent at a profit relative to the price they were last created at. Sustained readings above 1 indicate net profit-taking.
What does a SOPR below 1 mean?
It means coins were spent at a loss on average — holders moving coins for less than they last paid. This is common in bear markets and during capitulation.
Why does the 1.0 line matter for SOPR?
The 1.0 level is break-even. In uptrends SOPR tends to bounce off 1 (holders resist selling at a loss); in downtrends rallies toward 1 tend to meet selling from holders getting back to break-even. The behaviour around 1.0 is the metric’s most-watched feature.
Is SOPR a buy or sell signal?
No. It's an informational on-chain gauge of realized holder behaviour, not financial advice. It describes what holders just did, not what price will do next.
Informational, not financial advice.