Bitcoin Short Term Holder SOPR

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.