SOPR measures the value-weighted profitability multiple of coins spent on-chain. It compares spent value in USD with the same coins’ prior creation value in USD, using spent outputs only. Readings above 1 indicate profit on average; readings below 1 indicate loss.
Elevated readings show that moved coins are clearing above cost basis, often after upside continuation or strong rebounds. Weak readings show spent coins clearing below cost basis during drawdowns or stress. Realized Profit and Realized Loss provide the gross USD context.
Coins that do not move are excluded. SOPR can diverge from holder-state metrics because only the moved cohort matters. The all-coins series here is not aSOPR; very short-lived outputs are not removed by a separate adjusted-SOPR filter.
Read full methodology