Spent Output Profit refers to the realized gain or loss when a cryptocurrency transaction output, which represents a quantity of coins, is spent at a price higher than its acquisition price. This metric is derived from on-chain analysis, tracking the cost basis of coins moved. It quantifies the profitability of coins being transacted on the blockchain. A high spent output profit indicates that many holders are selling at a gain.
Context
News reports often analyze spent output profit, particularly through indicators like the Spent Output Profit Ratio (SOPR), to gauge market sentiment and potential price reversals. A SOPR value above one indicates that, on average, coins are being spent in profit, often seen during bull markets. Conversely, values below one suggest widespread loss realization. This metric provides a clear view into the aggregate profitability of market participants’ transactions.
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