Definition. Spent Output Profit Ratio (SOPR) is the ratio of realized value to creation value across spent outputs. Adjusted SOPR (aSOPR) and Entity-Adjusted SOPR are related variants.

Technical. For each spent output, the ratio is computed as realized value (in USD) divided by value at creation (USD), or simply price sold divided by price paid. For assets other than BTC, SOPR uses an address-based approach that values spent coins against the sending address's average acquisition price. For ETH and ETH tokens, spends are netted per address per block, which removes change; for BTC, DOGE, TON, TON tokens, TRX and XRP, all transfers are counted. For ETH tokens, burn addresses are excluded.

Interpretation. Readings above 1 mean the average coin moved was sold at a profit. Readings below 1 mean it was sold at a loss.

Notes. Created by Renato Shirakashi. For more information, see his post on using spent outputs to predict Bitcoin lows and tops.