# Glassnode学习-SOPR By [AAAAA](https://paragraph.com/@aengine) · 2022-04-04 --- **SOPR (Spent Output Profit Ratio)** The SOPR (Spent Output Profit Ratio) indicator provides insight into macro market sentiment, profitability and losses taken over a particular time-frame. It reflects the degree of realised profit for all coins moved on-chain. [https://academy.glassnode.com/indicators/sopr/sopr-spent-output-profit-ratio](https://academy.glassnode.com/indicators/sopr/sopr-spent-output-profit-ratio) * **SOPR values greater than 1** implies that the coins moved that day are, on average, selling at a profit (price sold is greater than the price paid). * **SOPR value less than 1** implies that the coins moved that day are, on average, selling at a loss (price sold is less than the price paid). * **SOPR value of exactly 1** implies that the coins moved that day are, on average, selling coins at break even. * **SOPR trending higher** implies profits are being realised with potential for previously illiquid supply being returned to liquid circulation * **SOPR trending lower** implies losses are being realised and/or profitable coins are not being spent. * ![](https://storage.googleapis.com/papyrus_images/5ab7b73c1f0bae102dd1bb74ea1a14b8e2cbad80292a593aaef1433f25d7f1c6.png) SOPR is a useful tool in all market conditions as it captures the aggregate profit and loss realised on a particular day This can often be considered **_a reflection of market sentiment_**. Both the absolute value of the indicator and the prevailing trend provides insight market spending behaviour. **aSOPR** (Adjusted SOPR) The adjusted SOPR has a similar construction and interpretation to the [standard SOPR](https://academy.glassnode.com/indicators/sopr/sopr-spent-output-profit-ratio) metric, however excludes all transaction volume for coins with a lifespan younger than 1hr. Adjusted SOPR (aSOPR) filters out all UTXOs with a lifespan of less than an hour, thereby eliminating obvious relay transactions. This in turn, this provides a more accurate signal of actual sale/purchase transactions, and better captures economically meaningful activity. The SOPR metric is sensitive to the **_aggregate profit and loss_** realised by UTXOs spent on-chain. In the [Spent Output Age Bands](https://academy.glassnode.com/indicators/lifespan/soab-spent-output-age-bands) chart below, we filter to show only spent coins with a lifespan less than 1hr. This demonstrates that coins with <1hr lifespans consistently represent between 20% and 40% of daily network traffic. Given their short lifespan, these coins generally do not realise significant profit, nor loss, however do dilute the **_aggregate profit and loss_**. **LTH-SOPR** Long-Term Holder SOPR (LTH-SOPR) is a variant of SOPR that takes into account only spent outputs older than 155 days. As such, LTH-SOPR serves as an indicator for assessing the behaviour and profitability of smart-money investors who have greater fundamental understanding of the asset and more experience in market volatility. Over the course of 155-days (LTH threshold), it is common for market volatility and price to resolve in a direction, either above, or below the price when the UTXO was created (assumed cost basis). As a result, when a coin held by a LTH is spent, it tends to realise a sizeable profit or loss. Unlike the standard [SOPR](https://academy.glassnode.com/indicators/sopr/sopr-spent-output-profit-ratio) metric and variants ([aSOPR](https://academy.glassnode.com/indicators/sopr/asopr-adjusted-sopr) and [STH-SOPR](https://academy.glassnode.com/indicators/sopr/sth-sopr)), which typically oscillate around a value of 1.0, the LTH-SOPR often reaches relatively large (> 2.0) and small values (<0.8). * **High LTH-SOPR Values** indicate that on aggregate, LTHs are realising high profit multiples on spent coins. A LTH-SOPR value of 4.0 can generally be interpreted as LTHs realising an aggregate average profit of 300% (4.0 - 1.0 = 3.0) that day. * **Low LTH-SOPR Values** indicate that on aggregate, LTHs are realising losses on spent coins, which is typical only in bear markets. A LTH-SOPR value of 0.6 can be interpreted as LTHs realising an aggregate loss of 40% (0.6 - 1.0 = -0.4) that day. LTH-SOPR can provide macro cyclical top and bottom signals as demonstrated in the chart below. Macro tops have historically been reached when LTH-SOPR values >10 are achieved, indicating profits of 900%+ are being realised by LTHs. Macro bottoms have historically been established where LTHs are realising significant losses with LTH-SOPR reaching 0.6 and below (losses of 40% or more). ![](https://storage.googleapis.com/papyrus_images/5f1bea10b93f979050c29b1280fe75d5403fb745689a42de2c6c328308547390.png) * --- *Originally published on [AAAAA](https://paragraph.com/@aengine/glassnode-sopr)*