Adjusted SOPR

SOPR with very short-lived coins thrown out, so that wallets moving money between their own addresses do not look like people selling. It is the cleaner read of the two.

DefinitionSOPR excluding outputs younger than one hour, which is Glassnode's adjustment and removes same-block change and internal shuffling. The exact 3,600-second edge is available because ages come off the block clock, not off day buckets.

LimitOne hour is a convention, not a natural boundary. Exchange internal transfers older than an hour are still counted as economic spends here, because we do not use address labels.

Unitratio