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. Spent Output Profit Ratio (SOPR) is the related base variant without segmentation.

Technical. Long-term and short-term holder supply is defined with respect to the address'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. SOPR uses each address's average acquisition price as cost basis. For BTC, ETH and ETH tokens, spends are netted per address per block, which removes change; for DOGE, TRX, XRP, TON and TON tokens, all transfers are counted. For ETH tokens, burn addresses are excluded.

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?