SOPR: Long- vs Short-Term Holders
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
About this metric
What it measures
SOPR: Long- vs Short-Term Holders compares the USD spending value of coins with their previous last-move cost separately for Long-term holders and Short-term holders. The split uses about 155 days of age before spending; all series, including Overall, are unitless return multiples.
How to read it
Each cohort above 1 is transferring coins at an aggregate profit; below 1 it is realizing an aggregate loss. A gap between the cohorts shows that older and recent supply face different cost conditions. Historically, the long-term series has a median near 1.505, compared with 1.001 for the short-term series, so equal deviations from 1 are not equally unusual for both.
SOPR describes only the coins that moved, not all holdings in either cohort. Low-cost old coins can pull the long-term ratio sharply higher, while rapid turnover keeps many short-term coins near cost. Internal transfers can affect both series, and Overall is weighted by original cost rather than a simple average of the two.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- Cohorts
- Type
- Breakdown
- Data since
- 2009-01-12
- Latest data
- 2026-10-27
FAQ
Does LTH-SOPR below 1 mean all long-term holders are underwater?
No. It means the older coins spent that day moved below their aggregate original cost. Long-term coins that remained unspent are outside this calculation; LTH-MVRV addresses the profitability of holdings.
Why is STH-SOPR often close to 1?
Coins spent soon after their previous move tend to have small price changes relative to cost. This short-term series has a full-history median around 1.001, so small but persistent deviations can matter more than a single print.
Is this chart the LTH-to-STH SOPR ratio?
No. It plots Long-term holders, Short-term holders and Overall separately. Dividing the long-term series by the short-term series would create a different comparison, with 1 meaning equal returns rather than breakeven.
