SOPR (Spent Output Profit Ratio) compares the USD value of coins at the moment they are spent on-chain to their USD value when they were last received. A SOPR of 1.0 means coins are being sold flat, with no aggregate profit or loss. Above 1.0, holders are realizing gains; below 1.0, they are realizing losses.
In bull markets, SOPR tends to bounce off 1.0 as support: selling at a loss is rare, and brief dips toward parity get bought. In bear markets, SOPR rejects 1.0 as resistance, with every rally sold into profit-taking until exhaustion. The single most useful pattern is the "SOPR reset": when SOPR briefly prints below 1 inside an uptrend, it indicates loss-taking capitulation by recent buyers and has historically marked tactical bottoms.
Read SOPR with STH-SOPR and LTH-SOPR for cohort context: when LTH-SOPR remains elevated while STH-SOPR collapses below 1, the long-term cohort is still distributing while short-term holders panic, a classic late-cycle setup. SOPR is a flow indicator (what is moving today) rather than a stock indicator (what is held in aggregate), so it complements MVRV rather than substituting for it.
Check the selected asset, units, and cohort before comparing readings. Compare the metric over consistent dates and use related measures to understand what contributes to a change.
