The Spent Output Profit Ratio (SOPR) is a critical metric that calculates the profit or loss made by holders of a digital asset when they sell their assets, based on the difference between the sale price and the acquisition price. The SOPR by Wallet Size metric further refines this by categorizing digital assets according to the size of their wallets. This provides a granular view of the profit or loss realized by different investor classes, from whales to retail investors. This metric is particularly useful for understanding the distribution of profit-making or loss-making sales across different wallet sizes. For example, it can help answer questions like, 'Are larger wallets (whales) selling their assets at a profit more frequently compared to smaller wallets (retail investors)?'

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.