BITCOIN SOPR
Are people selling at a profit or a loss?
What sellers are making, or losing, on the Bitcoin they move today, split across everyone, recent buyers, and long-term holders.
- All sellers0.9961breakeven
- Recent buyers0.9986breakeven
- Long-term holders0.8730at a loss
- All sellers, shuffles filtered0.9908at a loss
Profit or loss for all sellers
Each line is one group's average profit-or-loss ratio on the coins they sold, across Bitcoin's history. Above the 1.0 line that group sold at a profit; below it, at a loss. Pick a group above to frame the chart to its range (log scale).
All sellers (selected). Latest displayed reading: 0.9961 on Aug 15, 2026. This view shows 5,341 dated readings from Jan 1, 2012 to Aug 15, 2026. The latest displayed reading is lower than the first. The displayed low is 0.8158 on Apr 12, 2013. The displayed high is 1.2393 on Feb 5, 2014. Every day in this range has a reading.
Recent buyers. Latest displayed reading: 0.9986 on Aug 15, 2026. This view shows 5,341 dated readings from Jan 1, 2012 to Aug 15, 2026. The latest displayed reading is lower than the first. The displayed low is 0.9285 on Apr 17, 2013. The displayed high is 1.0775 on Jan 9, 2012. Every day in this range has a reading.
Long-term holders. Latest displayed reading: 0.8730 on Aug 15, 2026. This view shows 5,341 dated readings from Jan 1, 2012 to Aug 15, 2026. The latest displayed reading is higher than the first. The displayed low is 0.2898 on Mar 2, 2012. The displayed high is 43.4560 on Mar 11, 2014. Every day in this range has a reading.
Shuffles filtered. Latest displayed reading: 0.9908 on Aug 15, 2026. This view shows 5,341 dated readings from Jan 1, 2012 to Aug 15, 2026. The latest displayed reading is lower than the first. The displayed low is 0.6710 on Mar 30, 2012. The displayed high is 1.6050 on Nov 26, 2013. Every day in this range has a reading.
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Arrow keys move one plotted point. Home and End jump to the first and latest points.
- All sellers (selected): 0.9961
- Recent buyers: 0.9986
- Long-term holders: 0.8730
- Shuffles filtered: 0.9908
Are all sellers selling at a profit or a loss?
Selling right at breakevenEveryone who sold today, averaged into one number. Above the 1.0 line the typical seller booked a profit; below it, a loss.
Are recent buyers selling at a profit or a loss?
Selling right at breakevenPeople who bought within roughly the last five months. They react fastest, and they're the first to sell at a loss when price slips below what they paid.
Are long-term holders selling at a profit or a loss?
Selling at a loss of 13%People who held for more than roughly five months. They bought earlier, usually far cheaper, so most of their selling happens at a profit. The rare times it slips toward breakeven have often lined up with deep market lows.
What happens when the quick shuffles are filtered out?
Selling at a loss of 1%The same all-sellers read with one filter: coins that moved again within an hour are left out. Those quick hops are mostly change returning from a payment or wallets shuffling their own coins, not real selling, so this line is the cleaner read when the two disagree.
What does this mean for you?
Right now all sellers are right at breakeven, recent buyers right at breakeven, and long-term holders selling at a loss of 13%. The 1.0 line is breakeven: above it a group is selling at a profit, below it at a loss. Recent buyers swing around the line the most. Right now even long-term holders are selling below breakeven. That is rare, and stretches like it have historically clustered around deep market lows.
In strong stretches, 1.0 has often acted like a floor: when selling drags the ratio down toward it, people stop selling rather than lock in a loss, and the selling dries up. In weak stretches it has often acted like a ceiling: as price climbs back toward where buyers broke even, people sitting on a loss sell to get out near even, and that selling caps the move. Either way, this is a read on what sellers are doing right now, not a prediction or advice to buy or sell.
One caveat: a coin that moves is not always a sale. These ratios count every coin that changed hands, including wallets reorganizing their own coins, so read them as the tone of the day's selling, not an exact tally.
This page asks whether moving coins made money overall. The same question splits two ways: by how large the seller's wallet is, and by how old the moving coins are.
Understanding Spent Output Profit Ratio (SOPR)
Every time a coin moves, the blockchain records the price it last sold at. SOPR compares that to the price it sells for now: above 1.0 the coin sold for more than it cost (a profit), below 1.0 for less (a loss). Average every sale in a day and you get one number for how sellers are doing. A reading of 1.05 is a 5% average profit; 0.95 is a 5% average loss. It is read straight from the chain, not modeled.
There are three versions. All sellers is everyone. Recent buyers isolates people who bought within roughly the last five months, the quickest to react and the first to sell at a loss when price slips below what they paid. Long-term holders are people who held for more than roughly five months; they bought earlier and usually cheaper, so most of their selling happens at a profit, and the rare stretches when it does not have lined up with deep market lows.
A fourth line, called Adjusted SOPR, applies one filter to the all-sellers read: coins that move again within an hour of arriving are left out. Those quick hops are mostly change returning from an ordinary payment or wallets shuffling their own coins, not real selling. Filtering them out leaves a cleaner read, and when the plain and filtered lines disagree, the filtered one is usually telling the truer story.
The 1.0 line is the whole concept. In strong stretches it has often acted like a floor: when selling pushes the ratio down toward 1.0, people stop selling rather than lock in a loss, so the selling dries up. In weak stretches it has often acted like a ceiling: as price climbs back toward where buyers broke even, people sitting on a loss sell to get out near even, and that selling caps the move.
What makes this different from most readings is that it captures what people are actually doing right now, not what they might do. It is a live look at real selling decisions as they happen, which is why it tracks the market's mood so closely.
Read it as a description of seller behavior, not a signal to act. When all three groups sit close to 1.0, the market is right at the line between booking profits and taking losses, the point where a small move in price can tip the selling one way or the other.