Definition. Spent Output Profit Ratio (SOPR) computed separately for each wallet-size cohort, where SOPR is the ratio of sale price to acquisition price across coins spent on a given day. Cohorts span from whales to retail investors based on native-asset balance.

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.

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 differs across investor classes, from whales down to retail. Answers questions of the form: are larger wallets (whales) selling their coins at a profit more frequently than smaller wallets (retail investors)?