Skip to main content

SOPR

Aggregate profit ratio of spent outputs

PropertyValue
CategoryProfit & Loss
UnitDimensionless
Resolution1d
AssetsBTC
TierPro
API EndpointGET /v1/holder/profit
Fieldsopr

Overview​

SOPR (Spent Output Profit Ratio) measures the aggregate profit or loss of all Bitcoin outputs spent on a given day. It is calculated as the ratio of the realized value (value at spending time) to the creation value (value at acquisition time) of all spent outputs.

Unlike the LTH/STH variants, this metric covers all spent outputs regardless of holder classification.

Formula​

SOPR=∑(spent amount×price at spending)∑(spent amount×price at acquisition)\text{SOPR} = \frac{\sum (\text{spent amount} \times \text{price at spending})}{\sum (\text{spent amount} \times \text{price at acquisition})}

Interpretation​

  • SOPR = 1: Break-even — coins are being spent at the same price they were acquired
  • SOPR \gt 1: Profit — coins are being sold at a profit on average (bullish)
  • SOPR \lt 1: Loss — coins are being sold at a loss on average (bearish / capitulation)
  • SOPR rising toward 1 from below: Sellers exhausting, potential bottom forming
  • SOPR dropping toward 1 from above: Profit-taking decreasing, potential top forming

Use Cases​

  • Market cycle identification: Sustained SOPR \gt 1 = bull market, sustained \lt 1 = bear market
  • Capitulation detection: Sharp drops below 1 often mark local/cycle bottoms
  • Resistance at 1: In bear markets, SOPR = 1 acts as resistance (break-even sellers)
  • Support at 1: In bull markets, SOPR = 1 acts as support (dip buyers)

API Usage​

curl -H "Authorization: Bearer YOUR_API_KEY" \
  "https://api.blocklens.co/v1/holder/profit?start_date=2024-01-01&end_date=2024-12-31&limit=365"