Spending behaviour

Sell-Side Risk Ratio

How much value is being realized today — profits and losses together, without netting — compared against the total acquisition cost of the entire supply.

Why it matters

The detail that makes it useful is that they are NOT netted: profit dollars and loss dollars are added together. Direction doesn't matter; what it measures is how much realization activity there is relative to the size of the market. Very low values describe a market in equilibrium, where almost nobody is touching their coins — a state that historically doesn't last, though it says nothing about which way it breaks. High values describe the opposite: a lot of people closing positions at once.

Build it yourself

Drag dollars realized in profit and in loss separately, and check that they don't cancel each other out.

SSRR = (Realized in profit + Realized in loss) ÷ Realized cap
Sell-Side Risk Ratio

What it would give if netted instead of added:

Illustrative example numbers for practice — not real data.

How it's calculated, step by step

  1. Dollars realized in profit and dollars realized in loss are taken separately. The project stores the two columns separately in sopr_daily_agg precisely for this: if only the net were stored, this metric would be impossible to compute afterwards.
  2. Both are added in absolute terms: profit + loss. A day with +$100M and −$100M doesn't give zero, it gives $200M.
  3. It's divided by realized cap (the total acquisition cost of the whole supply, the same figure MVRV uses), so the number is comparable across eras.
Coincident signal. Coincident and descriptive of market state. A low value is not a buy signal: it says "there is little realization activity", not "it's going up". This site attaches no numeric thresholds to it because the project hasn't validated any. Data quality warning: this indicator's history reads as flat zero for nearly all of its years and only changes in the last few days — that points to an incomplete backfill at the source, not sixteen years of a market with zero realization activity. Read it with that caveat until the full history is available.

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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