SOPR is a specific Trading coordinate in the Bitcoin knowledge graph. In practical terms, it identifies the subject described here: Spent Output Profit Ratio compares the sale value of spent outputs with their value when previously created. This definition is narrower than promotional usage and should be read together with the implementation, date and evidence attached to the entry.
SOPR is best understood as part of a system rather than as an isolated definition. Its related coordinates show the mechanisms, incentives and historical records that give the term practical meaning.
SOPR describes how participants value, trade or obtain exposure to bitcoin. Market behavior can affect adoption and mining economics, but it does not rewrite consensus rules. Price evidence and protocol evidence answer different questions.
Understanding SOPR helps distinguish a verifiable Bitcoin mechanism or historical record from slogans, products and market narratives.
Primary or authoritative records make these details checkable: Spent Output Profit Ratio divides the realized value of spent outputs by their value at creation using a selected price series · values above or below one indicate aggregate realized profit or loss under that methodology. They should be verified before using the coordinate in analysis.
The practical limit is: SOPR observes spent outputs, not every holder's intent or tax basis · entity adjustment, price timestamp and filtered lifespans change the metric · threshold narratives are not guaranteed market turning points. A definition, office, chart pattern or published claim is not by itself a prediction or Bitcoin consensus rule.
For the clearest picture, read this entry together with On-chain analysis, UTXO, Realized capitalization. The reverse links also lead from On-chain analysis.