Bitcoin Market Cycles
Attempts to pinpoint Bitcoin's cycles based on on-chain data.
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S2F Bands Pro
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Revived Supply Pro
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Market Cycles Pro
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STH SOPR Pro
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LTH SOPR Pro
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SOPR Ratio Pro
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STH NUPL Pro
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LTH NUPL Pro
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50 MARP Momentum Pro
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50 MARP Pro
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Yearly ROI Pro
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MVRV Crosses Pro
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Supply In Profit Pro
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Bitcoin Short Term Holder SOPR
Data & charts updated every hour
STH SOPR Explained
STH SOPR (Short Term Holder Spent Output Profit Ratio) is a key on-chain metric that reveals whether Bitcoin is being sold at a profit or loss by holders who have held their coins for less than 155 days. The formula is simple:
STH SOPR = Value of BTC when spent (of coins moved in the last 155 days) / Value when acquired (of coins moved in the last 155 days)
Reading the STH SOPR Values
- SOPR > 1: Coins moved in the last 155 days are being sold at a profit
- SOPR = 1: Break-even point
- SOPR < 1: Coins are being sold at a loss
You can also enable two additional STH SOPR moving averages from the chart legend:
- 7-day moving average of STH SOPR - shorter-term trend
- 30-day moving average of STH SOPR - longer-term trend
Price Coloring by STH SOPR Percentiles
The Bitcoin price line is color-coded based on STH SOPR percentile ranges:
- Dark Blue: Bottom 10% (extreme loss realization)
- Green: 25-50th percentile (moderate losses)
- Yellow: 65-75th percentile (neutral)
- Orange: 75-85th percentile (moderate profits)
- Red: Top 15% (extreme profit taking)
This coloring helps visualize how profit/loss taking behavior correlates with price movements and market cycles.
Origins of STH SOPR
STH SOPR was created by Glassnode in 2020.
More Charts
Power Law Rainbow
A rainbow chart based on the Bitcoin power law and time.
Supply in Profit
Shows the percent of bitcoin in profit with color-coding of the price.
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