SOPR compares the price coins were sold at to the price they last moved at. How BlockShield stores it, how it is dated, and what sustained sub-1 actually marks.
SOPR is the ratio of the value of spent outputs at the moment they were spent to their value when they were created. Above 1, the coins that moved were moved at a profit; below 1, at a loss.
Unlike MVRV and NUPL, which describe positions being held, SOPR describes positions being closed. Sustained sub-1 prints mark holders realising losses — the shape that accompanies capitulation.
The value comes from a keyless whole-chain UTXO provider, because computing it locally needs a full Bitcoin UTXO scan that this platform's index does not host — a backfill measured in weeks, not hours.
The provider computes, the store persists, and the API reads the stored value. A user request never triggers a provider fetch and never waits on one.
Each stored row carries its source and the date it belongs to. Rows written before the keyless providers took over are labelled with the pipeline that produced them rather than credited to today's source.
SOPR moves for reasons that are not sentiment. Exchange internal transfers and consolidation spend outputs without anyone selling, which is why single-day prints are noisier than the trend.
A ratio near exactly 1 is the interesting case, not the dull one: it is where coins are being sold at cost, and where the level has historically been defended or lost.
The interpretation shipped with this metric is descriptive. Nothing on this platform trades or alerts on a SOPR threshold.
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