SOPR
For every spent UTXO: (sold price ÷ acquired price). SOPR > 1 means coins were sold in profit; < 1 in loss; = 1 break-even. Whale-SOPR computes only on UTXOs ≥100 BTC, isolating big-holder behaviour from retail noise.
Spent Output Profit Ratio and Whales
On-chain analysis · 60 seconds
Key takeaways
- SOPR measures whether coins sold today are in profit or loss
- Ratio above 1.0 means whales are selling at a gain overall
- Below 1.0 signals panic selling or forced liquidations
- Track SOPR to spot tops and bottoms in market cycles
Full explainer
When whales dump coins, are they winning or panicking? That's where Spent Output Profit Ratio comes in. SOPR compares the price coins were bought at versus today's selling price—a ratio above one means the market is profitable overall, whales are taking gains. Below one? Fear. They're selling at a loss, often a sign of capitulation that marks market bottoms. By watching whale SOPR trends, you can spot when big holders believe the party's over versus when they're just locking in profits. It's a powerful on-chain signal most traders miss.
Originally posted on YouTube: https://youtube.com/shorts/cTwE-rZbNMI
Glossary terms used in this explainer
Whale
Transactions of 500 BTC or larger but below the Mega Whale threshold (1,000 BTC). Common for large traders, OTC desks, exchange operations, and treasury management. Most actionable tier for daily flow analysis.
SOPR
For every spent UTXO: (sold price ÷ acquired price). SOPR > 1 means coins were sold in profit; < 1 in loss; = 1 break-even. Whale-SOPR computes only on UTXOs ≥100 BTC, isolating big-holder behaviour from retail noise.
Spot
The market for immediate delivery of an asset at the current price. Opposite of "futures" (where you trade a contract for future delivery) or "perpetuals" (perpetual-futures with funding rates). When we say "BTC price" without qualifier we mean spot.