" %}
## Long-Term and Short-Term Holder SOPR
### Definition
Long-Term and Short-Term Holder SOPR metrics segment the traditional SOPR calculation based on the age of the UTXOs being spent. These metrics separate profit/loss realization behavior between holders who have held their positions for different time periods, providing deeper insights into market dynamics by distinguishing between committed long-term investors and more active short-term traders.
There are two versions of this metric, one weighted by the value of each output and the other unweighted.
| Name | MetricID | Unit | Interval |
| -------------------------------------------------------------------------------------------- | ----------------------------------------- | ------------- | -------- |
| Spent Output Profit Ratio (SOPR) 30 day Long-Term Holder / Short-Term Holder | SOPRLth30d / SOPRSth30d | Dimensionless | 1 day |
| Spent Output Profit Ratio (SOPR) 90 day Long-Term Holder / Short-Term Holder | SOPRLth90d /
SOPRSth90d
| Dimensionless | 1 day |
| Spent Output Profit Ratio (SOPR) 155 day Long-Term Holder / Short-Term Holder | SOPRLth155d /
SOPRSth155d
| Dimensionless | 1 day |
| Spent Output Profit Ratio (SOPR) 1 year Long-Term Holder / Short-Term Holder | SOPRLth1y /
SOPRSth1y
| Dimensionless | 1 day |
| Spent Output Profit Ratio (SOPR) 5 years Long-Term Holder / Short-Term Holder | SOPRLth5y /
SOPRSth5y
| Dimensionless | 1 day |
| Spent Output Profit Ratio Unweighted (SOPR Out) 30 day Long-Term Holder / Short-Term Holder | SOPRLthOut30d /
SOPRSthOut30d
| Dimensionless | 1 day |
| Spent Output Profit Ratio Unweighted (SOPR Out) 90 day Long-Term Holder / Short-Term Holder | SOPRLthOut90d /
SOPRSthOut90d
| Dimensionless | 1 day |
| Spent Output Profit Ratio Unweighted (SOPR Out) 155 day Long-Term Holder / Short-Term Holder | SOPRLthOut155d /
SOPRSthOut155d
| Dimensionless | 1 day |
| Spent Output Profit Ratio Unweighted (SOPR Out) 1 year Long-Term Holder / Short-Term Holder | SOPRLthOut1y /
SOPRSthOut1y
| Dimensionless | 1 day |
| Spent Output Profit Ratio Unweighted (SOPR Out) 5 years Long-Term Holder / Short-Term Holder | SOPRLthOut5y /
SOPRSthOut5y
| Dimensionless | 1 day |
### Details
The Long-Term and Short-Term Holder SOPR metrics use the same fundamental calculation as the traditional SOPR but apply filters based on the age of UTXOs:
**For SOPRLth (Long-Term Holders):**
* Only includes UTXOs that were created more than X days/years ago
* Calculation: (Sum of spent value of old UTXOs) / (Sum of creation value of old UTXOs)
**For SOPRSth (Short-Term Holders):**
* Only includes UTXOs that were created X days/years ago or less
* Calculation: (Sum of spent value of recent UTXOs) / (Sum of creation value of recent UTXOs)
**Weighted vs Unweighted Versions:**
Like the traditional SOPR, these metrics come in two variants:
1. **Weighted (SOPR):** Value-weighted by the size of each output
2. **Unweighted (SOPROut):** Each output is treated equally regardless of size
The unweighted versions are denoted with "Out" suffix (e.g., SOPRLthOut155d, SOPRSthOut155d).
Both versions oscillate around 1:
* Values > 1 indicate holders are realizing gains on average
* Values < 1 indicate holders are realizing losses on average
* Values = 1 indicate break-even realization
### Example
Using data from October 15, 2023, with a 155-day threshold:
* **SOPR (All):** 1.0019 - Overall market slightly profitable
* **SOPR Long-Term Holders (155d):** 1.0953 - Long-term holders realizing \~9.5% profits
* **SOPR Short-Term Holders (155d):** 1.0084 - Short-term holders barely profitable at \~0.8%
* **SOPR Out (All):** 0.9732 - Unweighted average shows slight losses
* **SOPR Out Long-Term Holders (155d):** 0.9133 - Most long-term holder transactions at loss
* **SOPR Out Short-Term Holders (155d):** 1.0064 - Most short-term holder transactions slightly profitable
This example demonstrates how the weighted vs unweighted versions can tell different stories. While large long-term holders were realizing substantial profits (SOPRLth155d = 1.0953), the majority of long-term holder transactions by count were actually at a loss (SOPRLthOut155d = 0.9133), suggesting that smaller holders were selling at losses while larger holders captured gains.
### Interpretation
Long-Term and Short-Term Holder SOPR metrics provide nuanced insights into market behavior:
**Long-Term Holder SOPR Patterns:**
* High values often coincide with market tops, as committed holders finally take profits
* Sharp increases can signal capitulation events where even long-term holders sell
* Sustained values above 1.5-2.0 historically indicate overheated market conditions
* Values consistently below 1 may suggest strong conviction among long-term holders to hold despite losses
**Short-Term Holder SOPR Patterns:**
* Generally more range-bound and closer to 1 due to frequent trading
* Quick oscillations around 1 reflect active trading and price discovery
* Extreme values (very high or low) are less common but can signal intense short-term sentiment
* Divergences with long-term holder SOPR can indicate shifts in market regime
**Time Threshold Selection:**
* **30d/90d:** Captures very short-term vs medium-term holder behavior
* **155d:** Approximately one market cycle, widely used benchmark
* **1y:** Separates annual traders from multi-year investors
* **5y:** Distinguishes true long-term hodlers from shorter-term positions
**Analytical Applications:**
* **Market Timing:** Extreme divergences between LTH and STH SOPR can signal regime changes
* **Sentiment Analysis:** LTH SOPR spikes may indicate distribution phases
* **Risk Management:** High STH SOPR with low LTH SOPR suggests short-term speculation
* **Cycle Analysis:** Compare across different time thresholds to understand holder behavior evolution
### Availability for Assets
{% embed url="" %}
## API Endpoints
Address Balances can be accessed using these endpoints:
* `timeseries/asset-metrics`
and by passing in the metric ID's `NVT*` , `RVT*` and `SOPR*` in the `metrics` parameter.
{% openapi src="" path="/timeseries/asset-metrics" method="get" %}
[openapi.yaml](https://2398817338-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MO23j33wWGzm0NrZseN%2Fuploads%2Fgit-blob-1522f16027d90845f8750dd9c51c03b8e7aab67f%2Fopenapi.yaml?alt=media)
{% endopenapi %}
{% tabs %}
{% tab title="Shell" %}
```shell
curl --compressed "https://api.coinmetrics.io/v4/timeseries/asset-metrics?metrics=MCRC&assets=btc&pretty=true&api_key="
```
{% endtab %}
{% tab title="Python" %}
```python
import requests
response = requests.get('https://api.coinmetrics.io/v4/timeseries/asset-metrics?metrics=MCRC&assets=btc&pretty=true&api_key=').json()
print(response)
```
{% endtab %}
{% tab title="Python Client" %}
```python
from coinmetrics.api_client import CoinMetricsClient
api_key = ""
client = CoinMetricsClient(api_key)
print(
client.get_asset_metrics(
metrics="NVTAdj",
assets='btc',
).to_dataframe()
)
```
{% endtab %}
{% endtabs %}