SOPR
Spent Output Profit Ratio. The aggregate ratio between sell price and acquisition cost of every coin moved on-chain. >1 means the network is realising profit; <1 means realising loss.
Cycle 5 · with zones
Current cycle since the 2024 halving — use the range buttons to zoom in.
halvinglens.com · sopr
Current reading
0.988ratio
Realising losses
Capitulation ·Realising losses· Top zone
What it's telling us today
SOPR currently reads 0.988 — Realising losses. Historically an accumulation range, where longer-term value has tended to build.
Why this matters
Sustained SOPR < 1 has marked every major bottom — the network can no longer realise a profit. Spikes above 1.10 cluster around tops.
Zones
- Capitulation— → 0.970
- Realising losses0.970 → 1.000
- Mild profit1.000 → 1.050
- Strong profit1.050 → 1.100
- Top zone1.100 → —
Cross-cycle view coming
This is a live on-chain metric, but our current free data source only reaches back about four years — so we show it for the current cycle only rather than drawing a 4-cycle comparison from data we don't have. Price-based metrics (Mayer, Puell, Rainbow) keep the full multi-cycle overlay.