Definition. Spent Output Profit Ratio (SOPR) computed separately for long-term holder (LTH) and short-term holder (STH) cohorts, where SOPR is the ratio of sale price to acquisition price across coins spent on a given day.

Technical. Long-term and short-term holder supply is defined with respect to the entity's average purchasing date, with weights given by a logistic function centered at an age of 155 days and a transition width of 10 days. Breakdowns use an address-based approach, analyzing transactions and holdings at the wallet-address level to keep results comparable across digital assets and consistent across different blockchain architectures. This contrasts with the UTXO-based approach available for some chains (e.g. Bitcoin), and cross-method comparisons may show small deviations.

Interpretation. Cohort readings above 1 mean the average coin spent by that cohort was sold at a profit, readings below 1 mean it was sold at a loss. Surfaces how the profitability of sales splits between long-term and short-term holders. Answers questions of the form: are long-term holders selling their coins at a profit more frequently than short-term holders?