Bitcoin (BTC) SOPR Tracks Profit on Moved Coins, Not Who Sold Them

Bitcoin (BTC) profit metrics track the profitability and dollar value of coins that move on-chain, but they cannot establish who moved them or whether a large holder sold. The Spent Output Profit Ratio (SOPR) compares the value assigned to spent Bitcoin outputs with their value at creation. It summarizes whether the outputs moving through the network are above or below their recorded value at creation. The measure concerns the coins that moved during the period being assessed, rather than the identity of the people or entities controlling them. A SOPR reading above 1 means the spent outputs were in profit under that calculation. A reading below 1 means they were in loss, while a value near 1 indicates movement close to the recorded basis.

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