SOPR (Spent Output Profit Ratio)
Whether coins moving on-chain today are being sold at a profit or a loss, in aggregate — a real-time sentiment read.
SOPR measures, for coins moving on a given day, the ratio of the price they’re sold at to the price they were acquired at. Above 1 means the market is realizing profit on average; below 1 means selling at a loss. It reads aggregate holder behavior almost in real time.
Analysts watch SOPR crossing 1 as a psychological line: in bull markets it tends to bounce off 1 (holders refuse to sell at a loss, so dips find support there); in bear markets 1 acts as resistance. Variants split it by holder cohort (long-term vs short-term). It’s among the most-used on-chain sentiment gauges — informative in aggregate, noisy day to day.