CryptoQuant User Guide
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  • 🔍What is CryptoQuant
    • Introduction
      • How We Process Data
      • Why Trust CryptoQuant Metrics?
      • Why Market Driven?
    • Background Knowledge
      • What is On-Chain Data?
      • What are Entities?
      • What is a UTxO?
    • Our Product
  • 🎯QuickStart
    • 5 Minute Data Guide
      • 3 Key On-Chain Metrics
      • 3 Key Market Metrics
      • 3 Key Indicators
      • Deriving Insights
    • 5 Minute Feature Guide
      • 1. Charting Overview
      • 2. Set Alerts
      • 3. Dashboards
      • 4. Quicktake
      • 5. Top 15 Pro Charts
        • Miner Selling
        • Whale Accumulation
        • Large OTC deals
        • Buying/Selling Pressure
        • Market Trend
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        • Whale Dumping
  • 📊CryptoQuant Metrics
    • Exchange Flows/Indicators
      • Exchange In/Outflow and Netflow
      • Exchange Reserve
      • Exchange to Exchange
      • Exchange Addresses Count
      • Exchange Transactions Count
      • Fund Flow Ratio
      • Exchange Supply Ratio
      • Exchange Inflow CDD
      • Exchange Inflow - Spent Output Age Bands
      • Exchange Inflow - Spent Output Value Bands
    • Miner Flows/Indicators
      • Miner Outflow
      • Miner to Exchange
      • Miners' Position Index (MPI)
      • Miner Supply Ratio
    • UTxO Data/Indicators
      • Profit and Loss (UTxO)
      • Profit and Loss (Supply)
      • Coin Days Destroyed (CDD)
      • Binary CDD
      • Mean Coin Age (MCA)
      • Sum Coin Age (SCA)
      • Sum Coin Age Distribution (SCA Distribution)
      • Spent Output Profit Ratio (SOPR)
        • aSOPR (Adjusted SOPR)
        • STH-SOPR
        • LTH-SOPR
        • SOPR Ratio (LTH-SOPR/STH-SOPR)
      • Net Unrealized Profit/Loss (NUPL)
      • UTXO Bands (Age)
        • UTXO Age Bands
        • Realized Cap - UTXO Age Bands
        • Realized Price - UTXO Age Bands
        • UTXO Count - Age Bands
        • Spent Output Age Bands
      • UTXO Bands (Value)
        • UTXO Value Bands
        • Realized Cap - UTXO Value Bands USD
        • UTXO Count - Value Bands
        • Spent Output Value Bands
    • Market Data/Indicators
      • Open Interest
      • Funding Rates
      • Estimated Leverage Ratio
      • Taker Buy Sell Volume/Ratio
      • Capitalization models
      • Realized Price
      • Exchange Whale Ratio
      • MVRV (Market Value to Realized Value) Ratio
    • Network Indicators
      • NVT Ratio
      • NVT Golden Cross
      • Puell Multiple
      • Stock to Flow Ratio
      • Stock to Flow Reversion
      • NVM Ratio
    • Stablecoin Exchange Flows/Indicators
      • Stablecoin Network Data
      • Stablecoin Exchange In/Outflow & Netflow
      • Stablecoin Exchange Reserve
      • Stablecoin Exchange Addresses Count
      • Stablecoin Exchange Transactions Count
      • Stablecoins Ratio
      • Stablecoin Supply Ratio (SSR)
    • Fund Data & Premium
      • Grayscale Bitcoin Trust (GBTC)
        • GBTC Digital Asset Holdings
        • GBTC Premium or Discount
      • Grayscale Ethereum Trust (ETHE)
        • ETHE Digital Asset Holdings
        • ETHE Premium or Discount
      • Coinbase Premium
      • Korea Premium Index
      • Bank Supply Ratio
  • 🛠️Web3 Analytics Tool
    • Overview
    • Cohort Data Navigation
    • Query Data Navigation
    • How to Use(Query Tool)
      • 1. DateTime Aggregation
      • 2. Query Block - Metric
      • 3. Query Block - Where
      • 4. Query Block - Group by
      • 5. Query Block - Join
      • 6. Query Block - Order by
      • 7. Save and Run
      • 8. Editing the Result
      • 9. Visualization
        • Table
        • Pie
        • Serial
        • Number
        • Pivot Table
  • 📌Reference
    • FAQ
    • Community Guidelines
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On this page
  • Definition
  • Interpretation
  • By Value itself
  • By examining trend

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  1. CryptoQuant Metrics
  2. UTxO Data/Indicators
  3. Spent Output Profit Ratio (SOPR)

STH-SOPR

Short Term Output Profit Ratio (STH-SOPR) is a ratio of spent outputs (alive more than 1 hour and less than 155 days) in profit at the time of the window.

PreviousaSOPR (Adjusted SOPR)NextLTH-SOPR

Last updated 1 year ago

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Definition

Short Term Holder Spent Output Profit Ratio (STH-SOPR) is a ratio of spent outputs (alive more than 1 hour and less than 155 days) in profit at the time of the window.

It is calculated as the USD value of spent outputs at the spent time(realized value) divided by the USD value of spent outputs at the created time(value at creation).

Interpretation

The adjustment was made by not accounting for an hour less lived and 155 days more lived coins' movements to track short-term investors. This allows excluding long-term investors or coins and only focuses on short-term held movements.

As a result, the spectrum of UTXO coverage is an hour<UTXOs age<155 days.

By Value itself

  • STH-SOPR value greater than 1 (STH-SOPR > 1 )

    It implies that the coins moved in a certain timescale are, on average, selling at a profit.

  • STH-SOPR value of exactly 1 (STH-SOPR =1 )

    It implies that the coins moved in a certain timescale are, on average, selling coins at break even.

  • STH-SOPR value less than 1 (STH-SOPR < 1)

    It implies that the coins moved in a certain timescale are, on average, selling at a loss.

By examining trend

  • Short-Term Holder SOPR trending higher It implies that short term investors are realizing their coins where trading condition is getting more profitable. This equals a higher market sentiment.

  • Short-Term Holder SOPR trending lower It implies that short term investors are realizing their coins where trading condition is getting less profitable. This equals a lower sentiment in the market and one can see the potential of panic selling.

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Bitcoin: STH-SOPR