Definition. The ETH/BTC SOPR metric provides a comparison between the Ethereum SOPR and Bitcoin aSOPR metrics, calculated as the ratio between ETH-SOPR and BTC-aSOPR (blue line). This provides insight into the relative profitability of coins spent on each network. The ETH/BTC price ratio is shown in grey for reference, with a guide line marking parity at 1.0.

Technical. ETH/BTC SOPR = ETH SOPR / BTC aSOPR. The Bitcoin leg uses the Adjusted SOPR (aSOPR) variant, which discounts transfers younger than one hour to filter out self-spends and relay hops; the Ethereum leg uses standard SOPR.

Interpretation. It has similar properties and interpretation frameworks to the suite of SOPR metrics. This tool provides insight into relative profitability, and thus market strength, between each asset:

• Consistent values below 1 signal that investors are realizing fewer profits, or heavier losses, on their spent ETH than their equivalents are on BTC. It typically signals weakness in the ETH/BTC ratio.

• Consistent values above 1 signal that investors are realizing greater profits, or fewer losses, on spent ETH than their equivalents are on BTC. It typically signals strength in the ETH/BTC ratio.

Comparing the oscillator against the ETH/BTC price ratio itself can highlight divergences, where relative spending profitability leads or lags relative price performance.

Notes. Coined by Permabull Nino. Built from SOPR (ETH) and Adjusted SOPR (BTC).