The Spent Output Profit Ratio (SOPR) is a metric that calculates the profit or loss made by holders of a digital asset when they sell, based on the difference between the sale price and the acquisition price. The SOPR by Profit and Loss metric further categorizes this data based on realized profit and loss levels, using Fibonacci retracement levels to provide a nuanced view of the market's profit and loss distribution. This metric is particularly useful for understanding the extent and distribution of realized profits and losses across the market, offering insights into how much of the market's realized profit or loss is concentrated at different levels. For example, it can help answer questions like, 'Are most sales occurring at a profit or a loss relative to their acquisition cost, and at what levels are these profits or losses concentrated?'

Note: The breakdown metrics utilize an address-based approach, analyzing transactions and holdings based on individual wallet addresses to facilitate comparability across digital assets and to ensure consistent analysis across various blockchain architectures. This contrasts with the alternative UTXO-based approach for chains like Bitcoin, where unspent transaction outputs are analyzed to categorize asset properties. As such, metrics for UTXO-based assets may show slight deviations if compared across these different computational methods.