Spending behaviour

Realized profit/loss (USD/day)

How many dollars of profit or loss were actually locked in today, summed across every coin that moved.

Why it matters

SOPR says whether the coins that moved were in profit; this says how much money that was. Those are different questions: a SOPR of 1.05 on a quiet day and a SOPR of 1.05 on a panic day mean very different things, and the ratio alone can't tell them apart. Large positive spikes mark days of mass profit-taking; negative spikes, days when losses were realized at scale — usually capitulation.

Build it yourself

Drag what was spent today and what it originally cost, and compare the subtraction (this metric) with the division (SOPR).

Realized P&L = Spend value − Creation value
Realized P&L today

Same day, measured as SOPR (a ratio):

Illustrative example numbers for practice — not real data.

How it's calculated, step by step

  1. As it walks each block, the project already accumulates two daily figures: the dollar value of everything spent (at today's price) and what those same coins cost to create (at the price on the day they were created). They're the same two figures SOPR is computed from.
  2. Realized P&L = spend value − creation value. Unlike SOPR, which divides them, here they're subtracted: the result is in dollars, not a ratio.
Coincident signal. Coincident by definition: it measures what already happened today. Its value is in giving scale to the spending signals, not in anticipating anything. Be careful comparing it across eras without normalizing — the same dollar figure weighs far more in 2013 than in 2025.

Chart

This is real Bitcoin data, computed from the blockchain — not the illustrative example above.

Data last updated on 2026-09-09.

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