The Spent Output Ratio (SOPR) is an on-chain metric used in cryptocurrency analysis that indicates whether Bitcoin or other digital assets are being spent at a profit or loss. It is calculated by dividing the realized value of a spent transaction output by its value at creation. A SOPR value greater than one suggests coins are being sold at a profit, while a value less than one indicates losses. This metric provides insight into the aggregate market sentiment of coin holders.
Context
Crypto news and market analysis frequently cite the Spent Output Ratio to assess market psychology and identify potential market tops or bottoms. A SOPR consistently below one might signal a capitulation phase, while a high SOPR could suggest profit-taking. Monitoring SOPR helps traders and investors understand the broader market’s profitability and spending behavior.
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