# aSOPR (Adjusted SOPR)

## Indicator Overview

The adjusted SOPR has a similar construction and interpretation to the [standard SOPR](/guides-and-tutorials/metric-guides/sopr/sopr-spent-output-profit-ratio.md) metric, however excludes all transaction volume for coins with a lifespan younger than 1hr.

UTXOs with very short lifespans generally do not represent a sale or purchase of a given coin, and more often include relay transactions and change (for more details learn more about [how UTXOs work](/guides-and-tutorials/on-chain-concepts/utxo-vs.-account-based-chains.md#utxo-unspent-transaction-output-chains)). The original [SOPR](/guides-and-tutorials/metric-guides/sopr/sopr-spent-output-profit-ratio.md) metric treats these as a sale/purchase transaction, adding noise to the metric.

Adjusted SOPR (aSOPR) filters out all UTXOs with a lifespan of less than an hour, thereby eliminating obvious relay transactions. This in turn, this provides a more accurate signal of actual sale/purchase transactions, and better captures economically meaningful activity.

<figure><img src="/files/LvsKjmAb1ZQgygaDOVrf" alt="Bitcoin: Adjusted SOPR (aSOPR)"><figcaption></figcaption></figure>

* [View aSOPR in Glassnode Studio](https://studio.glassnode.com/metrics?a=BTC\&m=indicators.SoprAdjusted)
* [View aSOPR in Glassnode API Docs](https://docs.glassnode.com/basic-api/endpoints/indicators#asopr)
* [Compare aSOPR to SOPR in Glassnode Studio](https://studio.glassnode.com/compare?a=BTC\&a=BTC\&a=BTC\&axis=0\&axis=1\&axis=1\&c=\&c=\&c=\&e=\&e=\&e=\&ema=0\&ema=0\&ema=0\&m=market.PriceUsdClose\&m=indicators.Sopr\&m=indicators.SoprAdjusted\&mAvg=0\&mAvg=0\&mAvg=0\&mMedian=0\&mMedian=0\&mMedian=0\&mScl=log\&mScl=lin\&mScl=lin\&miner=\&miner=\&miner=\&resolution=24h\&resolution=24h\&resolution=24h\&s=1559542043\&u=1622614043\&zoom=730)

## How is it measured?

Adjusted SOPR uses the same formulation as [SOPR](/guides-and-tutorials/metric-guides/sopr/sopr-spent-output-profit-ratio.md#how-is-it-measured), but simply filters out any UTXOs which are less than an hour old.

## Video Tutorial

{% embed url="<https://youtu.be/oONjGFjm7I0>" %}

## User Guide

The SOPR metric is sensitive to the ***aggregate profit and loss*** realised by UTXOs spent on-chain. In the [Spent Output Age Bands](/guides-and-tutorials/metric-guides/lifespan/spent-output-age-bands-soab.md) chart below, we filter to show only spent coins with a lifespan less than 1hr. This demonstrates that coins with <1hr lifespans consistently represent between 20% and 40% of daily network traffic. Given their short lifespan, these coins generally do not realise significant profit, nor loss, however do dilute the ***aggregate profit and loss***.

<figure><img src="/files/1LrFc0mbfa1c6yZ15YKH" alt="Bitcoin: Spent Output Age Bands (Lifespan <1hr)"><figcaption></figcaption></figure>

This influences the signal of the standard SOPR metric whereby a significant portion of the volume realises a negligible profit/loss, and therefore the magnitude and responsiveness of SOPR is dampened. By removing relay transactions, the realised profit and loss calculated by the aSOPR metric is more responsive, and generally of greater magnitude than the equivalent SOPR. The chart below compares aSOPR (orange) to SOPR (blue) to demonstrate this effect.

aSOPR is generally considered a more accurate representation of the aggregate profit and loss that is realised by coins that are changing hands.

<figure><img src="/files/uA7PVUyqFsPvEGsycNSr" alt="Bitcoin: SOPR vs aSOPR"><figcaption></figcaption></figure>

## Further Resources

Renato Shirakashi - [Introducing SOPR](https://medium.com/unconfiscatable/introducing-sopr-spent-outputs-to-predict-bitcoin-lows-and-tops-ceb4536b3b9)


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