SOPR — Bitcoin onchain, per block

A high value means the coins being spent are being sold at a profit, and have been for a while, which is what people cashing out looks like; a low value means sellers are taking losses.

DefinitionRealized value / value at creation for every coin spent. Above 1 = coins moving at a profit. The cycle ribbon ranks ln(SOPR), so the average taken before ranking is geometric.

LimitA single block's SOPR is whatever happened to move in that block, and the series spends most of its life very close to 1, so only a multi-day average carries a signal.

Unitratio

Also filed under

Are holders selling at a profit Are the coins moving right now being sold at a gain or a loss?
Cycle position Where in the cycle are we, on the fifteen indicators the dashboard ranks?
Adjusted SOPR SOPR with same-day shuffling removed
Short-term holder SOPR are recent buyers selling at a gain or a loss
Long-term holder SOPR are patient holders selling at a large multiple
Realized profit / loss ratio how much profit is taken for every euro of loss

Every metric · Back to the explorer