2 years ago
Quick Take
- The Spent Output Profit Ratio (SOPR) is computed by dividing the realized worth (in USD) divided by the worth astatine instauration (USD) of a spent output — oregon simply: terms sold / terms paid.
- Adjusted SOPR is SOPR ignoring each outputs with a lifespan of little than 1 hour.
- aSOPR has been holding supra 1.0 since the SVB illness backmost successful March. This signifies that the marketplace is now, connected average, realizing profits successful on-chain spending.
- This mostly aligns with a healthier inflow of request (to sorb profit-taking) and a much constructive sentiment of the asset.
- We tested 1.0 astatine the extremity of March, and I expect to trial it a fewer much times — akin to erstwhile carnivore markets. We tin undershot 1.0 to flush retired leverage, akin to 2019.
- While some agelong and short-term holders realized profits for the archetypal clip since May 2022, this was successful a downtrend successful price. So we are successful a akin play to aboriginal 2020 regarding terms ascending.
SOPR: (Source: Glassnode)
aSOPR: (Source: Glassnode)The station Profit realization connected the rise: aSOPR holds dependable supra 1.0 since March’s SVB collapse appeared archetypal connected CryptoSlate.
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