Spent Output Profit Ratio (SOPR) by Cohort

Spent Output Profit Ratio (SOPR) measures the profit or loss of bitcoins moved on-chain by comparing the USD value at UTXO creation to the value when spent, serving as a proxy for seller profitability.

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This chart displays the SOPR Z-Scores for long-term (LTH) and short-term (STH) holders, highlighting relative profit levels for each group.

Source: Research BitcoinCreated with Datawrapper