Definition

Spent Output Profit Ratio

Meaning ⎊ A ratio determining if spent coins are being sold at a profit or loss, used to gauge market sentiment and trend health.
Greeks.liveApril 21, 2026

Spent Output Profit Ratio

The Spent Output Profit Ratio, or SOPR, is a metric that indicates whether the market as a whole is in a state of profit or loss. It is calculated by taking the realized value of spent outputs and dividing it by the value of those outputs at the time they were created.

An SOPR value greater than one means that, on average, coins are being sold at a profit, while a value less than one indicates they are being sold at a loss. During a bull market, the SOPR tends to reset at the one level as profit-taking occurs, providing support for the price.

During a bear market, the SOPR stays below one as participants sell into losses. It is a powerful tool for understanding market sentiment and identifying capitulation events.

By analyzing SOPR, traders can gain insights into the prevailing trend and the likelihood of further price movement.

Realized Profit and Loss
Profit Clawback Risk
Upside Potential Capture
MVRV Ratio
Loan-to-Value Ratio Analysis
DAU to MAU Ratio
Spot ETF Arbitrage
Recovery Factor Analysis

Glossary

Trading Strategy Development

Algorithm ⎊ Trading strategy development within cryptocurrency, options, and derivatives fundamentally relies on algorithmic frameworks to identify and exploit market inefficiencies.

Financial History Lessons

Arbitrage ⎊ Historical precedents demonstrate arbitrage’s evolution from simple geographic price discrepancies to complex, multi-asset strategies, initially observed in grain markets and later refined in fixed income.

Blockchain Network Security

Network ⎊ Blockchain network security, within the context of cryptocurrency, options trading, and financial derivatives, fundamentally concerns the resilience of distributed ledger technology against malicious actors and systemic vulnerabilities.

Investor Risk Appetite

Investor ⎊ Investor risk appetite, within cryptocurrency, options, and derivatives, represents the degree of potential loss an individual or institution is willing to accept in pursuit of expected returns.

Market Sentiment Indicators

Analysis ⎊ Market sentiment indicators, within cryptocurrency, options, and derivatives, represent the aggregation of investor psychology and its influence on price movements.

Price Discovery Process

Algorithm ⎊ Price discovery, within cryptocurrency and derivatives markets, fundamentally relies on algorithmic interactions between market participants, establishing a consensus value for an asset.

Blockchain Economic Indicators

Metric ⎊ Onchain transaction volume and active address counts serve as fundamental gauges for assessing network utility within digital asset markets.

Macroeconomic Influences

Inflation ⎊ Macroeconomic inflation directly impacts cryptocurrency valuations, often positioning digital assets as potential hedges against fiat currency devaluation, though this correlation isn't consistently observed.

Cryptocurrency Market Health

Analysis ⎊ Cryptocurrency market health, within the context of derivatives, represents a multifaceted assessment of prevailing conditions impacting price discovery and risk premia.

Margin Call Dynamics

Capital ⎊ Margin call dynamics fundamentally relate to the adequacy of capital held against potential losses in derivative positions, particularly pronounced within cryptocurrency markets due to inherent volatility.