Bitcoin Long Term Holder SOPR (LTH-SOPR)

LTH-SOPR (Long Term Holder Spent Output Profit Ratio) shows whether bitcoin held for a long time is being sold at a profit or a loss. A reading above 1 means the long-held coins that moved that day were, in aggregate, spent for more than they were worth when last moved. Below 1 means they were spent at a loss, and exactly 1 is breakeven.

How it is calculated

SOPR compares two dollar values for every coin output spent during the day:

SOPR = total USD value of outputs when spent ÷ total USD value of the same outputs when created

The long-term holder version counts only outputs older than a set age threshold, conventionally about 155 days. Younger coins feed the short-term holder version (STH-SOPR). The LTH/STH SOPR ratio compares the two as a single number, showing whether older or newer coins are realizing gains.

Hypothetical example: if long-term holders move coins acquired for a combined $10 million and those coins are worth $12 million when spent, LTH-SOPR for that day is 1.2.

Reading the chart

High readings tend to come from long-term holders distributing coins bought far below the current price. Readings below 1 mean even patient holders are selling under their cost basis, which typically happens during deep drawdowns.

Daily values are noisy and can cross 1 several times within a single week, so the 30-day average is a steadier gauge of the trend than any single day.

Limits

• It measures only coins that actually moved. Long-term holders who sit still do not affect the ratio, and a day with little spending can produce an extreme reading from a small volume.
• On-chain movements are not always sales. Wallet reorganizations and custody transfers can look like spending.
• The free tier is published with a 7-day delay and updates daily, so it suits trend reading rather than timing trades.