Bitcoin SOPR: are coins sold at a profit or a loss?
Whether investors move bitcoins at a profit or at a loss, overall and by holding period.
Data as of 16 Oct 2026
SOPR is 1.004, so the bitcoins that moved were sold on average 0.4% higher than their holder acquired them. Short-term holders are at 1.002, so they sell at roughly the price they bought at.
Values around 1 mean balanced forces. Longer periods below 1 have been linked to pressure and capitulation, above 1 to profit-taking. SOPR on its own is not a buy or sell signal.
SOPR, short- and long-term holders
Moving averages: overall SOPR and short-term holders 7 days, long-term holders 30 days. The line at 1 separates profit from loss.
Frequently asked questions
What is SOPR?
Spent Output Profit Ratio. For bitcoins that moved that day, it compares the price when spent with the price at which their holder acquired them. A value above 1 means coins are sold at a profit on average, below 1 at a loss.
What does a SOPR below 1 mean?
Holders who move their bitcoins realize a loss on average. Over the long term a SOPR below 1 is typical of bear markets and capitulation; short periods below 1 in a bull market have been opportunities, because sellers at a loss were giving up.
Who are short-term and long-term holders?
Short-term holders have held bitcoins for less than 155 days, long-term holders for longer. Short-term holders react to price quickly, long-term holders usually sell at a profit, which is why their SOPR is usually well above 1.
Why is the data delayed?
The free source provides these series with a seven-day delay. Each page shows the date of the last data point.
Sources: bitcoin-data.com. The data is seven days delayed (a limit of the free source) and covers the last 4 years. For information only, not investment advice.