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 sellers0.9970breakeven
- Recent buyers0.9991breakeven
- Long-term holders0.8983at 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: 0.9970 on Aug 5, 2026. This view shows 1,029 dated readings from Jan 1, 2012 to Aug 5, 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.
Recent buyers. Latest displayed reading: 0.9991 on Aug 5, 2026. This view shows 1,028 dated readings from Jan 1, 2012 to Aug 5, 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.
Long-term holders. Latest displayed reading: 0.8983 on Aug 5, 2026. This view shows 1,029 dated readings from Jan 1, 2012 to Aug 5, 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.
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Arrow keys move one plotted point. Home and End jump to the first and latest points.
- All sellers (selected): 0.9970
- Recent buyers: 0.9991
- Long-term holders: 0.8983
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 10% lossPeople who held for years before selling. They bought far cheaper, so they almost always sell at a profit; the rare times their selling slips toward breakeven have often lined up with deep market lows.
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 10% loss. 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; long-term holders sit well above it because they bought so much cheaper.
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.
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 years before selling; they bought far cheaper, so they almost always sell at a profit.
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.