LTH SOPR applies the Spent Output Profit Ratio to Bitcoin outputs aged at least 155 days when spent. It shows whether this older cohort is realising aggregate profit or loss relative to each output’s last-moved price.

The cohort is useful because older outputs are statistically less likely to move. It is still a heuristic: output age does not reveal the owner’s identity, conviction or reason for spending.

How LTH SOPR is calculated

The SOPR formula is applied only to spent outputs with a lifespan of 155 days or more. Above one, those outputs were spent at an aggregate profit; below one, at an aggregate loss.

The 155-day boundary is a statistical convention, not a claim that a holder changes character on day 155. Behaviour varies continuously around it.

What high and low readings show

A high reading means older spent outputs are locking in large gains relative to their last-moved prices. That often appears during strong advances, but it does not prove the spending was a sale or that a top is imminent.

A reading below one means the older outputs spent that day moved at an aggregate loss. It does not mean all long-term-held supply is underwater; LTH MVRV is the appropriate measure for the cohort’s unrealised position.

What LTH SOPR does not tell you

Low spent volume can make the series sensitive to a small number of large old outputs. Entity adjustment and smoothing help, but custody changes and self-transfers can still matter.

Read the series with LTH spent volume, LTH MVRV and the short-term holder version before drawing conclusions about a wider holder regime.

How to read it

Far above one. Older spent outputs are realising substantial gains.

Above one. The selected older cohort is spending at an aggregate profit.

Near one. Older spent outputs are moving close to their on-chain reference value.

Below one. Older spent outputs are realising an aggregate loss, historically an uncommon condition.

Low-volume warning. Check how much old supply moved before treating an extreme ratio as representative.

LTH SOPR updates daily inside the Profit & Loss dashboard, next to STH SOPR and the full age split.

Common questions

What counts as a long-term holder?

In the common Glassnode-style cohort, outputs aged 155 days or more. It is an age-based heuristic, not a verified investor label.

What does a high reading mean?

Older outputs spent during the period were valued well above their last-moved prices. It shows profit realisation among spending outputs, not the whole cohort.

What does a reading below one mean?

The older outputs that moved realised aggregate losses under the model. It does not say every long-term holder is underwater.

How should I compare it with STH SOPR?

The pair shows whether realised profit and loss is concentrated in older or younger spent supply. Add cohort spent volume so a thin sample is not overread.

Does a quiet reading mean long-term holders did nothing?

No. SOPR is a ratio for the outputs that moved. Check spent volume to learn whether the cohort was genuinely inactive.