SOPR Short-Term Holders
Spent Output Profit Ratio restricted to coins held less than 155 days. Below 1.0, this cohort realises an aggregate loss; that crossing alone neither characterises a capitulation nor a local bottom.
What is it?
STH-SOPR calculates the profit/loss ratio only for spent UTXOs with a lifespan under 155 days. It captures the selling behaviour of the market's most recent and reactive participants. Since these holders are statistically the most price-sensitive, their STH-SOPR is a particularly sensitive indicator of short-term sentiment and propensity for panic or euphoria.
How to read
Like Classic SOPR, the pivot is at 1. However, STH-SOPR oscillates with greater amplitude as short-term holders are more volatile in behaviour. In a bull market, brief STH-SOPR dips below 1 (STH selling at a loss) have historically coincided with local price troughs. This does not constitute a timing indicator. Prolonged dips below 0.95 mark significant weak-hand stress.
Key zones
STH-SOPR > 1.02: active STH profit-taking. STH-SOPR = 1: break-even between realised profit and loss. STH-SOPR < 1: the cohort realises an aggregate loss; the lower the level, the larger the average realised loss, but that crossing alone does not characterise a capitulation. STH-SOPR < 0.85: large realised losses, observed during periods of marked stress.
What to observe
STH-SOPR measures the aggregate profit or loss realised by the short-term cohort. A dip below 1 means the spent coins were sold at an average loss, not that every holder is selling nor that a bottom has been reached. Extended periods of realised losses and quick recoveries above 1 are read against price and volatility context; crossing 1 alone does not establish a capitulation or a bottom.
Historical context
STH-SOPR reached extreme troughs during each 20%+ bull market correction: -20% in September 2020 (STH-SOPR 0.88), -25% in January 2021 (0.85), -53% in May 2021 (0.75). In the 2022 bear market, STH-SOPR remained below 1 for extended periods (May-July, October-December), with persistent realised losses for the short-term cohort.
Expert notes
STH-SOPR can be combined with funding rate data to distinguish spot capitulations from leveraged capitulations. When STH-SOPR < 1 AND funding rates are negative, capitulation is amplified by liquidations - potentially more reliable bottom indication. The SOPR Explorer (tool #134) allows customising the age threshold beyond the 155-day convention.
Common mistakes to avoid
A persistent STH-SOPR < 1 does not mean ALL STH are selling at a loss every day. It is a weighted average - some STH sell at a profit while others sell at a loss, and the net balance is negative. Large tickets (high-volume transactions) can dominate the average and create distortions.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/metrics/sopr-sth/data?timeframe=90d' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "sopr-sth",
"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.