SOPR by holder cohort (155d) — Spent-output profit ratio by holder cohort, 155d split (needs the v4 extended realized pass)
STH / LTH SOPR uses Bitcoin's UTXO cost-basis data: SOPR by holder cohort (155d). It connects the current market with the prices at which coins were last moved.
Look for changes in profit, loss and holder cost basis across weeks or months. Those shifts show whether the market is absorbing supply or realizing stress.
Cost-basis metrics describe on-chain movements, not every off-chain trade. They are best read as a market-structure view, not a guaranteed buy or sell signal.