ON-CHAIN METRIC
STH SOPR
Are Bitcoin outputs younger than 155 days being spent above or below their previous on-chain value?
Open the Profit & Loss dashboard
STH SOPR applies the Spent Output Profit Ratio to Bitcoin outputs younger than 155 days when spent. It shows whether this younger cohort is realising aggregate profit or loss relative to each output’s last-moved price.
Because younger outputs often have reference prices closer to spot, the series can react quickly when price changes. It describes the outputs that moved, not the unrealised position of every recent buyer.
How STH SOPR is calculated
The SOPR formula is applied only to spent outputs with a lifespan below 155 days. Above one, those outputs moved at an aggregate profit; below one, at an aggregate loss.
The threshold is a statistical convention. It is useful for segmentation, but no holder’s behaviour flips automatically at the boundary.
Why the line around one matters
In some advancing regimes, STH SOPR has repeatedly recovered around one as loss-taking subsided. In some declining regimes, rebounds towards one have failed as recent supply exited near its reference price.
Those patterns are tendencies, not mechanical support or resistance. Persistence, trend and the amount of spent volume matter more than a one-day touch.
Reading it with the long-term version
Comparing STH and LTH SOPR shows which age cohort is realising gains or losses among the outputs being spent. It does not show whether the entire cohorts are above or below cost; use STH and LTH MVRV for that.
A divergence can be informative, but price, volume and entity-adjusted data are needed before assigning intent to either group.
How to read it
Far above one. Younger spent outputs are locking in sizeable gains.
Above one. The short-term cohort’s spent outputs are in aggregate profit.
Testing one. Spending is close to the cohort’s on-chain breakeven reference.
Below one. Younger spent outputs are realising aggregate losses.
Well below one. Heavy loss realisation among recently moved supply; check spent volume and price context.
STH SOPR updates daily inside the Profit & Loss dashboard, next to LTH SOPR and the full age split.
Common questions
Why is STH SOPR more reactive?
Younger outputs often carry last-moved prices closer to spot, so smaller price moves can change their realised profit-and-loss state.
What does the line at one mean?
The selected spent outputs moved at roughly the same aggregate value as when they were created. It is modelled breakeven, not each trader’s exact entry.
How does this pair with LTH SOPR?
It separates realised outcomes for younger and older spent supply. Add cohort MVRV if you want the unrealised position of all outputs in each group.
Does one sharp move matter?
Usually less than a sustained regime. A large transaction or thin cohort volume can dominate a daily ratio.
What counts as short term?
The common convention uses outputs younger than 155 days. The cut-off is evidence-based but still a modelling choice.
ON-CHAIN METRIC
STH SOPR
Are Bitcoin outputs younger than 155 days being spent above or below their previous on-chain value?
Open the Profit & Loss dashboard
STH SOPR applies the Spent Output Profit Ratio to Bitcoin outputs younger than 155 days when spent. It shows whether this younger cohort is realising aggregate profit or loss relative to each output’s last-moved price.
Because younger outputs often have reference prices closer to spot, the series can react quickly when price changes. It describes the outputs that moved, not the unrealised position of every recent buyer.
How STH SOPR is calculated
The SOPR formula is applied only to spent outputs with a lifespan below 155 days. Above one, those outputs moved at an aggregate profit; below one, at an aggregate loss.
The threshold is a statistical convention. It is useful for segmentation, but no holder’s behaviour flips automatically at the boundary.
Why the line around one matters
In some advancing regimes, STH SOPR has repeatedly recovered around one as loss-taking subsided. In some declining regimes, rebounds towards one have failed as recent supply exited near its reference price.
Those patterns are tendencies, not mechanical support or resistance. Persistence, trend and the amount of spent volume matter more than a one-day touch.
Reading it with the long-term version
Comparing STH and LTH SOPR shows which age cohort is realising gains or losses among the outputs being spent. It does not show whether the entire cohorts are above or below cost; use STH and LTH MVRV for that.
A divergence can be informative, but price, volume and entity-adjusted data are needed before assigning intent to either group.
How to read it
Far above one. Younger spent outputs are locking in sizeable gains.
Above one. The short-term cohort’s spent outputs are in aggregate profit.
Testing one. Spending is close to the cohort’s on-chain breakeven reference.
Below one. Younger spent outputs are realising aggregate losses.
Well below one. Heavy loss realisation among recently moved supply; check spent volume and price context.
STH SOPR updates daily inside the Profit & Loss dashboard, next to LTH SOPR and the full age split.
Common questions
Why is STH SOPR more reactive?
Younger outputs often carry last-moved prices closer to spot, so smaller price moves can change their realised profit-and-loss state.
What does the line at one mean?
The selected spent outputs moved at roughly the same aggregate value as when they were created. It is modelled breakeven, not each trader’s exact entry.
How does this pair with LTH SOPR?
It separates realised outcomes for younger and older spent supply. Add cohort MVRV if you want the unrealised position of all outputs in each group.
Does one sharp move matter?
Usually less than a sustained regime. A large transaction or thin cohort volume can dominate a daily ratio.
What counts as short term?
The common convention uses outputs younger than 155 days. The cut-off is evidence-based but still a modelling choice.