Definition. Spent Output Profit Ratio (SOPR) is the ratio of realized value to creation value across spent outputs.

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.

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.