STH SOPR applies the SOPR calculation to the short-term side of spent supply. It uses the same spent-value versus creation-value structure as aggregate SOPR, but the cohort split uses a soft transition centered around 155 days rather than a hard cutoff.
The series is usually more reactive than aggregate SOPR because recent buyers sit closer to spot and have tighter break-even ranges. Moves around 1 show whether short-term holder spending is clearing in profit or loss. SOPR and LTH SOPR provide the nearest context.
The 1 line is especially important here. Recent supply often bunches near cost basis, so STH SOPR can weaken first during local pullbacks and recover earlier during local rebounds. It remains a spent-output metric, not a current-supply state measure.
Read full methodology