On-chain Metrics 1 min read
SOPR — Spent Output Profit Ratio
Also known as: Spent Output Profit Ratio, aSOPR, LTH-SOPR, STH-SOPR
Ratio of the price at which coins are sold to the price at which they were last bought — are holders taking profit or capitulating?
What SOPR tells you
SOPR (Spent Output Profit Ratio) measures whether the market, on average, is spending coins at a profit or at a loss.
- SOPR > 1 → on average, coins are sold at a profit (profit taking).
- SOPR < 1 → on average, coins are sold at a loss (capitulation).
- SOPR ≈ 1 → breakeven level, often acts as support / resistance.
How to read it on a chart
In a bull market, dips to 1.0 that are quickly bought back are classic buying opportunities — the market refuses to realize losses.
In a bear market, rallies up to 1.0 that get rejected indicate holders are happy to exit at breakeven — a sign of weak demand.
Variants
- aSOPR (Adjusted SOPR) — excludes outputs spent within 1 hour, removes internal shuffling.
- STH-SOPR — short-term holders (coins held < 155 days). Fast and noisy.
- LTH-SOPR — long-term holders (coins held ≥ 155 days). Slow, macro-cycle signal.
Where to find it in Exum
Data Layers → On-chain → SOPR / STH-SOPR / LTH-SOPR layers.
Frequently asked
What is the difference between aSOPR, STH-SOPR and LTH-SOPR?
aSOPR is Adjusted SOPR (filters out outputs spent within a day). STH-SOPR tracks short-term holders (< 155 days), LTH-SOPR tracks long-term holders (≥ 155 days). LTH-SOPR moves slower and marks macro turns.
What does SOPR = 1 mean?
At exactly 1.0, the average coin is sold at breakeven. This level often acts as dynamic support in bull markets and dynamic resistance in bear markets.