Adjusted SOPR (aSOPR)

Spent Output Profit Ratio (SOPR) is the ratio of spent outputs (lived more than an hour) in profit at the time of the window.

SOPR is computed by dividing the realized value (in USD) divided by the value at creation (USD) of a spent output i.e. price sold / price paid.

Adjusted SOPR (aSOPR) is SOPR ignoring all outputs with a lifespan of less than 1 hour. This excludes "noise" from hour less lived UTXOs which has minor implication compared to longer lived UTXOs.

aSOPR > 1 means that the coins moved in a certain timescale are, on average, selling at a profit.

aSOPR < 1 means that the coins moved in a certain timescale are, on average, selling at a loss.

When aSOPR is trending higher, it implies profits are being realized with potential for previously illiquid supply being returned to liquid circulation.

When aSOPR is trending lower, it implies losses are being realized and/or profitable coins are not being spent.

When aSOPR is consistently below 1, it potentially signals a market bottom.

Sources of aSOPR data are:

• Cryptoquant

• Glassnode