SOPR Classic
Spent Output Profit Ratio. Above 1.0 = coins moved at a profit; below 1.0 = coins moved at a loss. The 1.0 line acts as support in bulls, resistance in bears.
What is it?
SOPR (Spent Output Profit Ratio) measures the ratio between the selling price and acquisition price of all UTXOs spent during a day. A SOPR > 1 means coins spent that day were sold at a price above their acquisition price - sellers are realising profits on average. A SOPR < 1 means sellers are realising losses on average. SOPR is one of the few on-chain indicators measuring ACTUAL behaviour (coins effectively spent) rather than latent (coins held).
How to read
SOPR oscillates around 1. Above 1: holders sell at a profit. Below 1: they sell at a loss. Level 1 is the 'pain threshold.' In a bull market, SOPR tends to bounce off 1 (people refuse to sell at a loss, preferring to wait). In a bear market, SOPR tends to be rejected by 1 (people sell as soon as they return to break-even, 'relieved' to exit without loss).
Key zones
SOPR = 1: the central pivot. SOPR > 1.05: significant profit-taking underway. SOPR < 0.95: significant capitulation, selling at substantial losses. Sustained SOPR > 1.1 for weeks indicates prolonged distribution. Sustained SOPR < 0.9 indicates deep capitulation and is historically rare.
What to observe
SOPR behaviour around 1 is the most studied indicator for identifying market regime. In bull market: each SOPR drop toward 1 is bought (support). In bear market: each SOPR rise toward 1 is sold (resistance). The transition between these two regimes is historically one of the most observed trend change indicators in on-chain analysis.
Historical context
SOPR confirmed the bear-to-bull regime change in April 2019 (first successful bounce off 1 after months of rejection). It confirmed the shift to bear market in May 2022 (first rejection of 1 after months of support). Extreme capitulations (SOPR < 0.85) were observed in March 2020, May 2021, and November 2022.
Expert notes
Classic SOPR includes all spent UTXOs, including < 1 hour transactions (exchange noise). Adjusted SOPR filters these short-term transactions for a cleaner reading. For cohort analysis, STH and LTH SOPR isolate weak and strong hand behaviour respectively. The SOPR Explorer (tool #134) offers 143 filterable variants.
Common mistakes to avoid
SOPR does not measure selling intention - it measures the outcome of transactions that HAVE OCCURRED. It says nothing about coins that have NOT been spent. Additionally, a high SOPR does not mean 'the market will drop' - it means current sellers are realising profits, which is normal in a bull market and can persist for months.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/sopr-classic/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "sopr-classic",
"timeframe": "1y"
}Required tier: free. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
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Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.