Adjusted SOPR

Definition

Adjusted SOPR — SOPR computed only over outputs that were held for at least one day, so that same-day change outputs and relay/shuffle churn (which by construction sit at a ratio of ~1) do not dilute the profit signal.

Formula

aSOPR = Σ (value × spend-day price) / Σ (value × creation-day price), over spends with holding time ≥ 1 day

How we compute it

From our own node's spent outputs: every spend with a holding time of at least 24 hours contributes its value at the spend-day close (numerator) and at the creation-day close (denominator), both legs restricted to the same set of spends. Prices are daily UTC closes.

Interpretation

Same bands as SOPR but cleaner: a sustained aSOPR above 1 confirms healthy profit-taking; a dip below 1 that holds marks capitulation more reliably than raw SOPR. Because the ~1-ratio churn is removed, aSOPR swings further from 1 than raw SOPR.

Caveats & limitations

• ·The cut-off is 1 day (some vendors use 1 hour). Prices are daily closes, so a spend held under a day but straddling midnight UTC would otherwise carry a price change — excluding all sub-day spends avoids that artefact.
• ·Only ~3–15% of each day's spent value comes from coins held a day or more (the rest is same-day churn at a ratio of ~1), so aSOPR moves several times further from 1 than raw SOPR and reads more extreme than vendor series that use a 1-hour cut-off and intraday prices.

References

Glassnode Academy, "Adjusted SOPR"