Adjusted SOPR (aSOPR) uses the same profit-and-loss ratio as SOPR but excludes spent outputs younger than one hour. The filter removes a large source of relay transactions and change outputs that tend to realise little profit or loss.

That makes aSOPR a cleaner view of economically meaningful spending, but not a record of confirmed sales. Some genuine transactions are filtered out and some non-economic movements remain.

What the adjustment removes

Rule. Outputs with a lifespan below one hour are excluded. The threshold is explicit; it is not a judgement that enough time passed for a person to make a decision.

Very young outputs often represent transaction relays or change. Removing them reduces the weight of near-breakeven traffic and can make aSOPR more responsive in magnitude than raw SOPR.

When to use which

Use aSOPR when you want the conventional filtered series and raw SOPR when you want the full spent-output sample. Comparing them shows how much very young output activity is affecting the day.

A divergence does not identify an exchange event or prove intent. It only isolates the contribution of outputs younger than one hour.

What it does not tell you

Like plain SOPR, this remains a market-wide average and cannot separate who is selling. A clean reading above breakeven describes coins moving at a gain, but says nothing about whether that is years-old supply finally being distributed or recent buyers taking a quick profit.

The filtering is also a modelling choice rather than a fact. It removes movements below a threshold, and any threshold can exclude an economic transaction or retain a non-economic transfer. The series is cleaner, not certain.

How to read it

Well above one. Filtered spent outputs are realising sizeable aggregate gains.

Above one. Economically filtered spending is occurring at an aggregate profit.

Near one. Filtered outputs are moving close to their last-moved value.

Below one. Filtered spent outputs are realising an aggregate loss.

Well below one. Deep loss realisation after the one-hour filter.

Adjusted SOPR updates daily inside the Profit & Loss dashboard, beside raw SOPR and cohort variants.

Common questions

How does this differ from plain SOPR?

It excludes spent outputs younger than one hour, reducing relay and change traffic that can dilute raw SOPR. It remains an on-chain proxy rather than proof of investor intent.

Which should I use?

This one for trend and for judging whether the breakeven line is holding, and plain SOPR when you want the unfiltered tape including the noise.

Why do the two ever disagree?

Because outputs younger than one hour affect raw SOPR but not aSOPR. The difference measures that short-lived activity; it does not identify its owner or purpose.

Does the adjustment make it more reliable?

It makes it cleaner rather than more certain. Fewer movements are included, so each carries more weight, but the metric is still a market-wide average that cannot tell you which cohort is behind the reading.

Is the breakeven line the same on both?

Yes, and that is what makes the pair worth watching together. Both pivot on the same point, so a market where one holds the line and the other does not is worth a closer look at what moved that day.