SOPR (Spent Output Profit Ratio)
Ratio of sale price to buy price for all coins spent today.
SOPR = total BTC spent today valued at sale price / at acquisition price. >1 = profits taken (bull behavior), <1 = losses (capitulation). Approaching 1 from below in a bear often marks the bottom - sellers giving up. SOPR pulled back to 1.0 and bouncing is a classic bull continuation signal.
In plain words
Tells you how much sellers today are profiting or losing on average. 1.05 = avg 5% profit, 0.92 = avg 8% loss. SOPR below 1 for weeks = bear.
Example
BTC Nov 2022: SOPR 0.96 = avg 4% loss on sales, cycle bottom 15.5k. March 2024: SOPR 1.08 = steady profit-taking in bull.
Also known as: spent output profit ratio