Entity-Adjusted SOPR

Vad det mäter

Entity-Adjusted SOPR compares the aggregate USD value of coins spent between identified entities with their acquisition value, excluding transfers within the same entity. It is a unitless multiple: 1 is breakeven, above 1 is aggregate profit and below 1 is aggregate loss.

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Higher readings indicate larger gains relative to the cost of the coins being transferred; falling below 1 means the transferred coins are realizing net losses. In this series, the reading fell to about 0.72 on March 13, 2020, while the 2024 maximum was 2.21, illustrating how far the profitability of moving coins can swing. The 7-day average helps separate sustained conditions from isolated transfers.

Entity identification is an estimate based on address relationships and can be revised. Removing recognized internal movements reduces wallet noise but cannot prove a sale occurred, and the ratio says nothing about coins that remain unspent. A high multiple can come from a small quantity of very low-cost coins rather than broad profit taking.