Definition. Spent Output Profit Ratio (SOPR) segmented by realized profit and loss band, where SOPR is the ratio of sale price to acquisition price across coins spent on a given day. Bands are defined by Fibonacci retracement levels. Spent Output Profit Ratio (SOPR) is the related base variant without segmentation.

Technical. 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. Each spend falls into a band based on the price at the time of the spend relative to the sending address's average acquisition price. For BTC, ETH and ETH tokens, spends are netted per address per block, which removes change; for DOGE, TRX, XRP and TON, all transfers are counted. For ETH tokens, burn addresses are excluded.

Interpretation. Bands with a SOPR above 1 captured profitable sales, bands below 1 captured loss-making sales. Surfaces where realized profits and losses concentrate across retracement levels. Answers questions of the form: are most sales occurring at a profit or a loss relative to acquisition cost, and at what levels are those profits or losses concentrated?