Description
Definition. Spent Output Profit Ratio (SOPR) by Age decomposes SOPR, the ratio of sale price to acquisition price across coins spent on a given day, into holding-period age cohorts. Each cohort reports the per-coin profit or loss realized by spent supply of that vintage, spanning from hot supply (freshly acquired coins) to cold supply (longer-held coins).
Technical. Breakdowns use an address-based approach, analyzing transactions and holdings at the wallet-address level to facilitate comparability across digital assets and consistent analysis across blockchain architectures. This contrasts with the UTXO-based approach available for chains like Bitcoin, where unspent transaction outputs are analyzed to categorize asset properties. Cross-method comparisons may show small deviations.
Interpretation. Within each cohort, readings above 1 mean that vintage's spent coins were sold at a net profit. Readings below 1 mean they were sold at a net loss. Surfaces how profit-making versus loss-making sales distribute across hot-to-cold age cohorts. Answers questions of the form: are older coins being sold at a profit more frequently than newer coins?