What is Bitcoin SOPR?
Bitcoin Spent Output Profit Ratio compares the realized value of coins when they are spent with the value they had when they last moved. It shows whether spent coins are realizing profit or loss on average.
The key level is 1.0. SOPR above 1 means spent coins are being realized in profit. SOPR below 1 means spent coins are being realized at a loss.
How to read SOPR around 1.0
SOPR above 1.0
Readings above 1.0 show that coins being spent are, on average, moving at a profit. During strong uptrends, the 1.0 level can act as a useful break-even reference when profit-taking cools.
SOPR below 1.0
Readings below 1.0 show aggregate loss realization. Persistent SOPR below 1 can appear during capitulation, weak trend structure, or periods when holders are forced to sell below their cost basis.
Why the moving averages matter
The 7-day, 30-day, and 90-day moving averages smooth daily SOPR noise. They help separate short-lived spikes from broader profit/loss realization regimes.
How analysts use SOPR with other Bitcoin indicators
SOPR is strongest when combined with price structure and valuation metrics. It can help confirm whether market participants are realizing profits in strength or losses in stress when read alongside MVRV, NUPL, realized price, exchange netflow, and sentiment indicators.
