SOPR Long-Term Holders
Spent Output Profit Ratio for coins held over 155 days. LTH-SOPR spikes at cycle tops reveal long-term holders taking multi-year profits into market strength.
What is it?
LTH-SOPR calculates the profit/loss ratio exclusively for spent UTXOs with a lifespan exceeding 155 days. Since long-term holders rarely move their coins, each transaction from this cohort carries high informational weight. An LTH-SOPR > 1 means strong hands are realising profits when selling, which is normal but whose intensity is significant. An LTH-SOPR < 1 means even patient holders are selling at a loss - an extreme capitulation indication.
How to read
LTH-SOPR is almost always > 1 (LTH have a historically low cost basis). Moments when it drops to 1 or below are rare and significant. In a bull market, the absolute level of LTH-SOPR indicates the average profit multiple of selling LTH (LTH-SOPR of 3 = selling on average at 3x their acquisition cost). LTH-SOPR spikes coincide with major distribution events.
Key zones
LTH-SOPR > 3: very profitable distribution, associated with late bull market phases. LTH-SOPR 1-2: normal conditions, selling LTH doing so with moderate profit. LTH-SOPR ≈ 1: tense situation - selling LTH exiting without significant profit. LTH-SOPR < 1: strong hand capitulation - historically extreme reading observed only in 2015, 2018, and briefly in 2022.
What to observe
LTH-SOPR 'eruptions' (sudden spikes well above trend) coincide with identifiable distribution events. Volume-weighted LTH-SOPR (multiplied by the number of BTC spent) gives a measure of profit value realised by LTH in dollars - a direct indicator of 'smart money' sell pressure.
Historical context
The most extreme LTH-SOPR peaks were observed at the December 2017 top (LTH-SOPR > 50 daily peak) and April 2021 (~15). The decrease in peaks reflects LTH profit multiple compression with market maturation. Dips below 1 in 2018 and 2022 lasted 3 weeks and 2 weeks respectively, marking the absolute bear market troughs.
Expert notes
LTH-SOPR is particularly useful for detecting 'smart money distribution.' Create a composite indicator: LTH-SOPR × Revived Supply (volume). When both are elevated simultaneously, large volumes of old coins are being sold at high profit - a condition historically associated with the final 2-6 weeks before a major top.
Common mistakes to avoid
An LTH-SOPR of 10 does not mean the average LTH made 10x. It is the weighted average of ratios - a single very old UTXO sold can dramatically pull the average up. Outliers have a disproportionate impact on LTH-SOPR. The median would be a better central indicator, but it is rarely calculated by platforms.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/sopr-lth/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "sopr-lth",
"timeframe": "1y"
}Required tier: pro. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
Related metrics
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.