If wallet X sends one bitcoin to wallet Y, it is assumed that the former is spending or selling coins to the latter. If the value at which X moved coins to Y was higher than at acquisition, X is said to have realized profit. A SOPR ratio above 1 indicates that coins moved, on average, are being sold at a profit.
Long-Term Holders of Bitcoin (BTC) Are Profitable for First Time Since May 2022, Blockchain Data Shows
