# 花費成本利潤比｜SOPR

## 指標概念

SOPR指標提供對特定時間範圍內宏觀市場情緒、盈利能力和損失的觀察，反映了所有在鏈上移動的比特幣的已實現利潤程度。 

SOPR 的衡量方法是僅考慮在所考慮的時間範圍內移動的硬幣（每天、每小時等），並分別取UTXO 創建時和被花費時的法幣值（USD）比率。 

*可以考慮以下幾種情形的 SOPR 指標：*

* SOPR 值大於 1 代表著當天移動的硬幣平均在獲利的情況下出售（出售的價格大於支付的價格）。 
* SOPR 值小於 1 意味著當天移動的代幣平均在虧損的情況下出售（出售價格低於支付價格）。 
* SOPR 值恰好為 1 意味著當天移動的代幣平均在收支平衡（不盈利也不虧損）時出售代幣。 
* SOPR 趨勢更高意味著利潤正在實現，之前非流動性的供應可能會重新回到流動性循環中（因為出售手中部位可獲利的程度越來越高了）
*  SOPR 的下降趨勢表示正在實現損失，出售套利機會減少。

![圖片來源：glassnode](https://lh3.googleusercontent.com/-Y-hYzhWU1x5lmU56ViXkYO7SZjgPok8bAVKeRMgR-Pi92Myh3VLqyvy7FokmNOq1GTk98x-IeuYzDEwj8kUWE6jRpaD9LYnNGOsYtRJqMj5hUWvSExrTfgq7odqq0b5g1WvpqvZ)

## **指標如何衡量、計算？**

簡單來說，SOPR值就是現價／過去買入的價格 更仔細的公式定義：

![](/files/Pk28pYasntuoXLUuExBL)

## **相關指標**

{% content-ref url="/pages/cqF4BKHUzvmaocNieiuX" %}
[花費成本利潤比（調整後）｜aSOPR](/metrics/hua-fei-cheng-ben-li-run-bi-sopr/hua-fei-cheng-ben-li-run-bi-diao-zheng-hou-asopr.md)
{% endcontent-ref %}

{% content-ref url="/pages/kxcw4YuvnjnEhXnIhLlg" %}
[長期持有者－花費成本利潤比｜LTH-SOPR](/metrics/hua-fei-cheng-ben-li-run-bi-sopr/chang-qi-chi-you-zhe-hua-fei-cheng-ben-li-run-bi-lthsopr.md)
{% endcontent-ref %}

{% content-ref url="/pages/37OigKNbl1TDHv1atXnR" %}
[短期持有者－花費成本利潤比｜STH-SOPR](/metrics/hua-fei-cheng-ben-li-run-bi-sopr/duan-qi-chi-you-zhe-hua-fei-cheng-ben-li-run-bi-sthsopr.md)
{% endcontent-ref %}


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