What it shows
SOPR means Spent Output Profit Ratio. It compares the price when a coin is spent with the price when that coin was last moved. A value of 1.0 means the average spent coin sold at its purchase price. STH SOPR counts only short-term holders. The app defines them as holders of coins that are younger than 155 days. A value above 1.0 means these coins moved at a profit. A value below 1.0 means they moved at a loss. The chart colors the line by side of 1.0 and shows the BTC price below it.
- STH SOPR above/below 1
- Break-even baseline
- BTC price panel
How to read it
Read the latest value and compare it with 1.0. Above 1.0 means recent buyers spend coins at a profit. Below 1.0 means they spend at a loss. The app also splits the value into five ranges, with cut-offs at 0.97, 0.99, 1.01 and 1.04. Values far below 1.0 have appeared near past market lows. Values far above 1.0 have appeared near past local highs. Past reactions at these ranges are not a forecast. Watch how the line behaves when it returns to 1.0.
- Read the latest value and compare it with 1.0.
- Check how often the line has crossed 1.0 in your range.
- Compare spikes in the line with moves in the BTC price.
What to keep in mind
SOPR looks only at coins that move on-chain. Coins that stay still do not enter the value. One large transfer can change the daily reading. Transfers between a holder’s own wallets can add noise. The 155-day line between short-term and long-term holders is a convention. The range cut-offs are fixed values chosen by the app. Use STH SOPR together with other data.
A missing value is not zero. Check the source and time under each data block before you compare numbers.
Questions
What is STH SOPR?
STH SOPR is the Spent Output Profit Ratio for short-term holders. It compares the spend price with the price at the last move for coins younger than 155 days. It tells you if recent buyers spend their coins at a profit or a loss.
What does SOPR above 1 mean?
A SOPR above 1 means the coins spent that day moved at a higher price than when they were last moved. On average, the spenders realized a profit. A value below 1 means they realized a loss. A value of 1 is break-even.
What is a short-term holder?
In this app, a short-term holder owns coins that have not moved for less than 155 days. The 155-day line is a common convention. Holders of coins older than 155 days are counted as long-term holders.