What it shows
LTH SOPR is the Spent Output Profit Ratio for long-term holders. SOPR compares the price when a coin is spent with the price when it was last moved. The long-term version counts only coins that were held for more than 155 days before the move. A value of 1.0 means these coins were spent at their earlier price. A value above 1.0 means they moved at a profit. Below 1.0, the sale price was under the earlier price. The chart colors the line by side of 1.0 and plots the BTC price in a second panel.
- LTH SOPR above/below 1
- Four value ranges
- BTC price panel
How to read it
Start with the latest LTH SOPR value and compare it with 1.0. The app splits LTH SOPR into four ranges, with cut-offs at 0.97, 1.00 and 1.05. Values below 1.0 mean old coins are spent at a loss. The app notes that this is rare for long-term holders. Values above 1.0 mean old coins are spent at a profit. A long stay at high values means long-term holders realize gains. Such readings describe past spending, not future moves. Compare the line with the STH SOPR page.
- Read the latest value and compare it with 1.0.
- Find stretches where the line stays above or below 1.0.
- Compare the line with STH SOPR over the same range.
What to keep in mind
Only coins older than 155 days enter this metric, and only when they move. A few large old coins can move the daily value a lot. Transfers between wallets of one owner can add noise. The 155-day line is a convention. The app chose these cut-offs, and they are fixed. Use LTH SOPR next to other data.
A missing value is not zero. Check the source and time under each data block before you compare numbers.
Questions
What is LTH SOPR?
LTH SOPR is the Spent Output Profit Ratio for long-term holders. It looks at coins held for more than 155 days before they moved. The ratio shows whether those coins were spent at a profit or a loss.
What is the difference between LTH SOPR and STH SOPR?
STH SOPR covers coins younger than 155 days. LTH SOPR covers coins older than 155 days. Both use the same formula. They describe two different groups of holders, so the two lines can move apart from each other.
What does LTH SOPR below 1 mean?
It means long-term holders spent coins at a lower price than the price at their last move. They realized a loss. The app describes this as rare for this group. A reading below 1 does not confirm a market low.