What is SOPR?
For every coin spent, SOPR divides the price at which it moves by the price at which it was last acquired. Aggregated, a value above one means coins are being spent in profit; below one, at a loss; near one, close to break-even.
How it is calculated
SOPR sums realized value against cost basis for spent outputs over each window. The page follows it as a daily series so you can see how it behaves around the pivotal value of one.
How to read it
In uptrends SOPR tends to hold above one and often bounces off it, as holders resist selling at a loss. A break below one that then acts as resistance can mark a shift in that resolve. Sustained sub-one readings reflect realized capitulation.
What it does not tell you
SOPR describes realized selling behavior, not future price, and is noisy on short windows. It is best read as a trend around one, not a single print. Live values are in the authenticated app.