BTC: SOPR by Wallet Size
Shown as its 2019–2022 sample; the latest readings and full history are included with Pro.
Spent output profit ratio (SOPR) of the BTC spent by standard addresses of each balance size.
Why use it. Shows whether small or large holders sell at a profit. How to read it. Above 1 that size spends at a profit on the day, below 1 at a loss.
Calculation. Value of the day's spends / their cost, per balance band of the spending address. Costing whole addresses at their average differs from costing each unspent output at its own creation price, as the realized cap and SOPR charts of the supply do, so the bands do not sum to those totals. A spend is a block's net decrease of an address's balance, valued at that day's opening price; its cost is the share of the address's cost it removes. Wallet size is the address's balance before the block. Each address's coins are costed at their weighted average: every increase in its balance adds the coins at the opening price of the day they arrive (the previous day's close), and every decrease removes the same share of the cost as of the balance, so spending leaves the average unchanged. Changes are net per block, so change an address pays back to itself in the same block is not a sale. Coins received before 18 July 2010, the first day with an opening price, have no cost: an address holding any of them is left out of the cost-based figures until it is emptied. Wallet sizes are bands of the address's BTC balance, lower bound included. Prices are CryptoKeyhole's admitted daily BTC/USD closes, from 17 July 2010. An address is a standard locking script: a public-key hash (pay-to-public-key outputs count under their key's hash), a script hash, or a SegWit or Taproot program; bare multisignature and other non-standard scripts have no address. Addresses are not owners: one owner can use many, and an exchange holds many owners' coins in a few. Days are UTC: a block counts in the day of its header time, and a day's holdings are taken after its last block. The latest day is a partial value updated through the latest block; a day is final once its last block is six blocks deep. Published per UTC day.