The Spent Output Profit Ratio (SOPR) is calculated by dividing the aggregate realized value of coins by the aggregate cost basis of those coins. Simply put: total price sold / total price paid. The SOPR value oscillates around 1, if below it, people spending are realizing losses, above it, people are realizing gains. The SOPR ratio is not meant for indicating global peaks and bottoms. It just tells you whether a lot of profits or losses are being realized. If a lot of profits are being taken and this is in confluence with other metrics that the asset is overheated then you could consider to start your own DCA out of the market. Deep drops in the SOPR indicates that people are realizing losses in order to leave their position.
Data provided by https://coinmetrics.io/
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