Track profit and loss cycles through the Spent Output Profit Ratio. This indicator reveals when Bitcoin holders are taking profits or cutting losses, crucial for timing market moves.
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SOPR (Spent Output Profit Ratio) measures the profit or loss of Bitcoin transactions by comparing the price when coins were last moved to the price when they are spent. It reveals the psychological state of Bitcoin holders and their profit-taking behavior.
The current price at which Bitcoin is being sold or transferred. This reflects the market value at the time of the transaction.
The price at which the Bitcoin was originally acquired by the current holder. This represents their cost basis for the transaction.
SOPR = Spent Price / Realized Price
When SOPR > 1.0, holders are realizing profits on average. When SOPR < 1.0, holders are realizing losses. The further from 1.0, the greater the profit or loss magnitude.
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| Cycle | Type | Bitcoin Date | Bitcoin Value | SOPR Peak/Bottom | SOPR Value | Lead/Lag |
|---|---|---|---|---|---|---|
| 2017-2018 | Bull Peak | Dec 17, 2017 | $18,860 | Dec 17, 2017 | 1.04 | Same Day |
| 2017-2018 | Bear Bottom | Dec 15, 2018 | $3,212 | Dec 7, 2018 | 0.95 | 8 day Lead |
| 2021-2022 | Bull Peak | Nov 10, 2021 | $64,882 | Nov 8, 2021 | 1.01 | 2 day Lead |
| 2021-2022 | Bear Bottom | Nov 21, 2022 | $15,781 | Nov 18, 2022 | 0.87 | 3 day Lead |
💡 Key Insight: SOPR showed different leading/lagging patterns between cycles, demonstrating the evolution of market structure and the importance of contextual analysis.
SOPR is most effective for identifying market psychology shifts and timing entry/exit points during different market phases. It works best when combined with price action and volume analysis.
SOPR: < 0.98
Holders selling at losses. Often marks market bottoms and presents accumulation opportunities.
SOPR: 0.98 - 1.0
Minimal profit/loss activity. Market transitioning between fear and greed phases.
SOPR: 1.0 - 1.05
Healthy profit-taking. Sustainable bull market conditions with controlled selling pressure.
SOPR: > 1.05
Significant profit-taking. Often signals market tops and increased selling pressure ahead.
SOPR = Realized Value (USD) / Value at Creation (USD) for all spent outputsUpdated daily with blockchain data
SOPR tracks whether coins being moved are in profit (>1) or loss (<1). It reveals the aggregate profit-taking or capitulation behavior of market participants.
SOPR = 1 is the breakeven level. In bull markets, SOPR bouncing off 1.0 from above signals healthy corrections. In bear markets, sustained SOPR < 1 indicates capitulation.
Based on methodologies by: SOPR concept developed by Renato Shirakashi, Data provided by BGeometrics
NOT INVESTMENT ADVICE
BitcoinIQ provides educational content and analysis tools for informational purposes only. This is not investment, financial, or trading advice. Cryptocurrency investments are highly volatile and risky. Always do your own research and consult with qualified financial advisors before making investment decisions. Past performance does not guarantee future results.
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