Profit-taking made visible: the ratio of what spent coins sold for to what they last cost.
Not available right now — the live tab shows it: open the dashboard.
SOPR — the Spent Output Profit Ratio — compares the market value of every bitcoin that moved on a given day with the value of those same coins at their previous movement. A SOPR above 1 means the coins that spent realized profit on average; below 1 means they realized losses. It is the most direct on-chain view of realized profit-taking the asset has, because it measures actual decisions — coins that actually moved — rather than paper positions.
The ratio's rhythm is what traders follow. In bull phases, SOPR dips toward 1 and bounces: dips get bought because holders are profitable and reluctant sellers. In late bear phases the pattern inverts — rallies toward 1 get sold into, because underwater holders exit at breakeven. A sustained SOPR near or below 1 after a long decline has historically marked the capitulation regime where the marginal seller has finally spent.
This page prints the latest daily value from the platform's engine. The derivation, its data requirements and the daily series live on the metric page.
Read the regime: persistently above 1 = profit-taking regime; persistently below 1 = loss-realization regime. The flip between them is the story, not any single day.
1.0 is the line of breakeven for the marginal spender — bounces from it and failures at it are the classic readings.
SOPR measures spending that happened, not intention: exchange inflows, internal shuffles and wallet migrations all spend coins, which is why the platform stores a daily series rather than over-reading one print.
The daily series is produced by the platform's SOPR engine (onchain_metrics.get_metric('sopr')) from the platform's own bitcoin data pipeline, stored on the daily schedule. SOPR needs every spent output's cost basis; the engine documents its coverage and its publication gate on the metric page.
The coins that moved that day realized profit on average — the market sold for more than it last paid. Below 1, the average spender realized a loss.
It is breakeven for the coins being spent. Long bounces off it in bull regimes and repeated failures at it in bear regimes are the ratio's classic structural readings.
The platform stores daily rows; a single day's print can be noise. The value is the regime and its changes, not a tick.
Every spent output's last-movement price — a full cost-basis view of spending. The engine states its coverage on the metric page and withholds the value when its gate fails.
On the platform's metric page for SOPR (linked below) and on the dashboard tab.