Metrics
SOPR
Spent-Output Profit Ratio — were sold coins in profit or loss?
What is SOPR?
Sold price ÷ acquired price. Above 1 = coins left at a profit, below 1 = at a loss, 1 = break-even. Our whale-SOPR covers transfers of 50+ BTC to exchanges and estimates cost basis from the sender's last inbound transfer.
What is whale SOPR right now?
| 7-day average | 1.0392 |
|---|---|
| Most recent day | 1.1163 (2026-08-23, n=14) |
| 90-day median | 1.0071 |
| 90-day range | 0.9722 – 4.6677 |
| Days above 1.00 (last 90) | 58/90 |
| Qualifying transactions (7 days) | 574 |
How to read this. A value below 1.00 means the large holders who moved coins to exchanges that day were, on average, selling below what they paid — coins leaving at a realized loss. Above 1.05 is solid profit-taking. Sustained readings above 1.10 have historically clustered in late-cycle phases. A single day is noisy; the 7-day average is the more stable read.
How we calculate it. We compute this daily from our own full Bitcoin node rather than a third-party feed. For every transaction that day classified as to_exchange and carrying at least 50 BTC, we take the BTC price at the moment of the transfer and divide it by the price at the moment the sending address last received BTC. Those per-transaction ratios are then weighted by BTC volume.
Where this approximates. This is a cohort-level approximation, not a textbook UTXO-level SOPR. Textbook SOPR prices every spent output against the block that created it. We use the sending address's last inbound transfer as a cost-basis proxy, which is cheaper to compute across the full chain but attributes a single acquisition price to an address that may hold coins bought at many different times. It also means an address with no prior inbound transfer in our data is skipped entirely. Read the series as a directional signal about large-holder profit-taking, not as an exact accounting of realized profit.
Data as of 2026-08-23 · source: our own Bitcoin node · recalculated daily