Tourist Capitulation TrackerTRINITY EXCLUSIVE
EXCLUSIVE - Compares the spent-output profit ratio of Tourist holders (high cost basis, weak hands) against Smart Money holders. When tourists spend deep below 1.0 they are realizing losses - isolating the weak-hand capitulation that aggregate ratios blur.
Trinity exclusive model
This metric is a proprietary Trinity Insights model. Its formula, inputs, weights and parameters are NOT disclosed. The page documents only the output (bounded scale, interpretation zones, historical context). Access to the score and its time series is via the REST API and the MCP server, subject to the required tier.
What is it?
Spent Output Profit Ratio (SOPR) indicates whether moved coins are sold at a profit (>1) or at a loss (<1). Here, the displayed readings describe Tourists (high cost basis) and Smart Money (low cost basis). The construction of these readings is proprietary and not disclosed. The axis is logarithmic because SOPR is a ratio: 0.5 and 2.0 are equidistant from the 1.0 threshold. Isolating Tourists lets this group's realised profit be read separately, where the market-wide version dilutes it.
How to read
The 1.0 line is the profit/loss boundary. When Tourist SOPR drops well below 1.0, late entrants are selling at a loss - capitulation. Smart Money SOPR reads on the same scale, often closer to 1.0. Comparing the two lines helps place the relative stress of each group in context.
Key zones
Tourist SOPR well below 1: this group realises losses on what it moves. Around 1: realisations close to break-even. Above 1: this group realises profits on what it moves.
What to observe
Watch for deep troughs in Tourist SOPR while Smart Money SOPR stays close to 1.0: the two groups then sit at clearly different levels of realised profit, with late entrants' much lower. A durable return above 1.0 indicates Tourists are again realising profits on what they move; it measures neither the volume sold nor how it changes.
Historical context
The metric covers several cycles. Episodes where Tourist SOPR sinks below 1.0 while Smart Money SOPR stays near break-even can be read directly on the chart, as observed configurations of realised profit.
Expert notes
⚠️ Trinity Exclusive Model - Cost-basis cohort SOPR differs from age SOPR: a Tourist may have held for a long time yet bought expensively, and will appear here as a weak hand as soon as they sell at a loss. The published curves are already dampened: a single day does not show as such, and a value above 1.0 does not rule out a last day at a loss. Focus on multi-week regimes.
Common mistakes to avoid
SOPR below 1 does not mean 'sell': it describes others' realised behaviour, not a recommendation. Nor does it say how many coins were sold: only regime trends are informative.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/metrics/tourist-capitulation-tracker/data?timeframe=90d' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "tourist-capitulation-tracker",
"timeframe": "1y"
}Required tier: performance. 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.