Glossary

SOPR

SOPR (spent output profit ratio) is the price at which coins are sold divided by the price at which they were acquired.

SOPR stands for spent output profit ratio. For each coin that moves on-chain, the ratio divides the price on the day it moved by the price on the day it last moved before. The data provider then aggregates the ratios of all coins that moved in a period.

A value of 1 means coins moved at breakeven. A value above 1 means coins moved at a profit on average. A value below 1 means coins moved at a loss. NinjaTools shows SOPR for short-term and long-term holders, so the profit-taking of each group can be read separately.

SOPR describes realized profit and loss of coins that moved. It does not cover coins that stayed still. A movement is not always a sale, because a coin can move between wallets of one owner. Daily values are noisy, so many charts use a moving average. Use it as context, not as a signal to trade.