Bitcoin SOPR
SOPR (Spent Output Profit Ratio) measures the average multiple of profit or loss on coins that moved on-chain (were spent) on a given day, relative to the price at which they were acquired. The 1.0 line is a frequently referenced threshold that behaves like a support/resistance level in market psychology.
This chart shows real data up to September 27, 2026. The live value is free on Cedvel - no subscription needed.
Source: sopr_24h (bitview.space / Bitcoin Research Kit)
What is it?
Spent Output Profit Ratio - measures the average multiple of profit or loss on coins that moved on-chain (were spent) that day, relative to the price at which they were acquired.
How is it calculated?
SOPR = Value at Time of Spend / Value at Time of Creation. Above 1 means the coins spent that day sold at an average profit; below 1 means an average loss.
How to read it
The 1.0 line behaves like a psychological support/resistance: in a rising market SOPR typically stays above 1, and each touch of 1.0 is read as break-even-point selling pressure - holding above it signals a healthy uptrend. In a declining market, SOPR dropping below 1 and staying there is usually an early sign of a trend reversal.
Things to watch out for
Raw SOPR alone can be noisy on short timeframes - most analysts read it smoothed (moving average) or alongside the long-term/short-term holder subsets (aSOPR, SOPR-STH/LTH).
Historical usage
SOPR touching the 1.0 level and bouncing back ('holding as support') has been observed as a recurring pattern in uptrends; SOPR dropping below 1.0 and getting stuck there is generally regarded as an early sign of a trend reversal.
Frequently Asked Questions
How is SOPR calculated?
SOPR = Value at Time of Spend / Value at Time of Creation. Above 1 means the coins spent that day sold at an average profit; below 1 means an average loss.
Why is the 1.0 line so significant for SOPR?
1.0 is the average break-even point for spent coins. In a rising market SOPR typically stays above 1; each touch of that line is read as break-even-point selling pressure, and holding above it is taken as a sign the uptrend remains healthy.
What's the difference between SOPR and aSOPR?
aSOPR (Adjusted SOPR) excludes UTXOs younger than 1 hour - filtering out very short-term noise from exchange-internal/bot activity - to produce a less noisy version of SOPR.