SOPR — Spent Output Profit Ratio
SOPR measures whether on-chain-moved Bitcoin are sold at profit or loss today. Below 1 indicates capitulation — historically often direct bottom signals. Renato Shirakashi (Unchained, 2019) invented the indicator; STH/LTH variants split by holding duration.
- Formula:
- Realized Value (USD at sale) ÷ Value at Creation (USD at buy)
- Originator:
- Renato Shirakashi (Unchained, 2019)
- Data source:
- BRK (echte Marktdaten ab 2010-08-16 sopr/sth, 2011-01-18 lth) + bgeometrics-Inkrement seit April 2022. Vollbackfill 2026-05-28.
Strategies to backtest
Thematically related strategies from our library — try them in the backtest engine or read up on the methodology.
The textbook RSI strategy — buy when oversold (RSI < 30), sell when overbought (RSI > 70). Best in sideways markets.
Open strategy →Buy a fixed amount on a fixed schedule — week after week, regardless of price. Smooths volatility, removes timing decisions.
Open strategy →More Bitcoin indicators
Difference between market cap and realized cap, normalised by standard deviation. Values above 5 mark the top region (4 of 5 historical bull tops), below 0 every bottom.
BTC price coloured by MVRV Z-Score regime — from deep accumulation (green) to euphoria (red). Makes valuation phases visible over time.
Aggregated unrealised profit of all coins, five phase bands from capitulation to euphoria. Measures on-chain market sentiment.