SOPR (Spent Output Profit Ratio)
A read of whether coins moving on a given day are being spent at a profit or a loss. SOPR above 1.0 indicates aggregate spending in profit, while below 1.0 indicates aggregate spending in loss. SOPR variants exist for the aggregate market, for short-term holders specifically, and for long-term holders, with the cohort-restricted versions providing higher-resolution reads of holder behavior.
What SOPR Is
A read of whether coins moving on a given day are being spent at a profit or a loss. SOPR above 1.0 indicates aggregate spending in profit, while below 1.0 indicates aggregate spending in loss. SOPR variants exist for the aggregate market, for short-term holders specifically, and for long-term holders, with the cohort-restricted versions providing higher-resolution reads of holder behavior.
Where SOPR Appears in TBL Research
SOPR is one of the on-chain bitcoin indicators that TBL tracks. For how it fits the broader framework, see TBL Guide to On-Chain Bitcoin Signals.
Related TBL Resources
TBL Guide to On-Chain Bitcoin Signals
On-chain data lets you read what Bitcoin holders are actually doing rather than what they say. TBL combines seven cost-basis and cycle valuation models into a single Master Valuation score from 0 to 100, and reads cohort behavior through short-term-holder MVRV, SOPR, the long-term-holder cost basis spread, and the URPD distribution.
TBL Glossary
Plain-English definitions for the macro, derivatives, on-chain, and TBL proprietary terms used across TBL's research. Each entry covers what the indicator measures and why it matters, conceptual form only, without proprietary formulas or live readings.
The indicators defined here are tracked live on TBL Pulse and interpreted in weekly written form in TBL Pro.