Spent output profit ratio — Spent Output Profit Ratio — >1 coins move in profit, <1 at a loss; 1.0 acts as bull support / bear resistance
SOPR uses Bitcoin's UTXO cost-basis data: Spent output profit ratio. It connects the current market with the prices at which coins were last moved.
Above 1: coins are being sold at a profit. Below 1: at a loss. In bull markets, dips to 1 often act as support — holders refuse to sell at break-even.
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.