Spending behaviour

STH-SOPR (short-term holders)

The same SOPR, restricted to coins that had gone under ~155 days without moving.

Why it matters

Short-term holders capitulate or take profit faster than the whole market, so this series tends to move before overall SOPR within the same family.

Build it yourself

Same as SOPR, but thinking only about young coins (under 155 days old).

STH-SOPR = STH spend value ÷ STH creation value
STH-SOPR

Illustrative example numbers for practice — not real data.

How it's calculated, step by step

  1. Same as SOPR, but while aggregating per block every spent coin is tagged "short-term" if its age (time between creation and spend) is under 155 days — the same cutoff HODL Waves indicators use.
  2. The same spend value ÷ creation value ratio is computed, but only over that subset of coins.
Coincident signal. More reactive than overall SOPR — useful for reading the mood of "new" money.

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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