Bitcoin SOPR: spent output profit ratio
Whether the bitcoin that moves on the blockchain is being sold, on average, at a profit or at a loss.
SOPR today
Compiled by SBZ from public blockchain data. Updated twice a day.
Whether the coins that moved were sold, on average, above (more than 1) or below (less than 1) the price they were bought at, weekly since 2019. Long stretches below 1 have come with capitulation; in rising markets, dips back to 1 have often been where buyers stepped in.
What is SOPR?
The spent output profit ratio (SOPR) looks at every coin that moves on the blockchain and divides the value when it moved by the value when it last moved before. Above 1, coins are being sold at a profit on average; below 1, at a loss. We show a 4-week average, which smooths out day-to-day noise.
How to read it
The line at 1 is the one that matters. In rising markets, dips back to 1 have often been where buyers stepped in, because holders are reluctant to sell at no gain. In falling markets, rallies back to 1 have often stalled, as holders who were underwater sell when they break even. Long stretches below 1 have come with capitulation: in this data, from April 2022 to January 2023, and for most of the time from January to August 2026.
Limits
SOPR measures coins that actually moved, so a few large transfers can sway it, and moves between a holder’s own wallets count as if they were sales. It describes what is happening, not what comes next; read it with NUPL and the realized price.
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Frequently asked questions
What does SOPR above 1 mean?
The coins that moved were sold, on average, for more than they were bought for: holders are taking profit.
What does SOPR below 1 mean?
Coins are being sold at a loss on average. Long stretches below 1 have come with capitulation near market lows.
Why use a 4-week average?
Daily SOPR swings with every large transfer. The 4-week average shows the trend more clearly.
Is SOPR a buy signal?
Not on its own. Resets to 1 in an uptrend have often been buying opportunities, but this is a historical pattern, not a guarantee.
For information only, not investment advice. Figures are updated automatically and can differ slightly between data providers.