Glassnode publishes on-chain research on Bitcoin. The charts describe coins that have already moved on the network: what they cost last time, whether the latest spend was in profit, and how fast holders are realising that profit or loss.
CryptoCrispy does not republish those charts as its own results. This note is a key to the four readings that show up most often, so you can place them beside a CryptoCrispy signal without mixing the two.
The 1.0 line
Several Glassnode ratios use 1.0 as break-even. Above 1.0 the group being measured is, on average, in profit. Below 1.0 it is, on average, at a loss. The line is a description of coins already on-chain. It is background for size and patience. The entry, the invalidation, and the take-profit still come from your rules and from a labelled report.
| Metric | What it measures | 1.0 means |
|---|---|---|
| Entity-adjusted SOPR | Profit or loss on coins spent on-chain | The average spent coin broke even |
| Short-term holder MVRV | Spot versus the cost of coins moved in about the last 155 days | Recent buyers are at break-even |
| Sell-side risk ratio | Realised profit plus loss, divided by Realized Cap | Quoted in basis points, not on the 1.0 scale |
| Realized cap | All coins valued at the price of their last on-chain move | A stock of cost basis, in dollars |
Spent Output Profit Ratio
Entity-adjusted SOPR compares the price a coin last moved at with the price when it is spent again, after Glassnode groups addresses that belong to the same entity. A 7-day average above 1.0 means the coins being spent are, on average, in profit, and buyers have been taking the other side. A fall back under 1.0 means that support has faded and spent coins are clearing at a loss.
Around 19 September 2026, Glassnode said entity-adjusted SOPR had stayed above 1.0. That sentence is theirs, for that date. Check the live chart before you treat it as still true.
Short-term holder MVRV and realized price
Short-term holders, in Glassnode’s definition, are coins that last moved within about 155 days. Their realized price is the average on-chain cost of that group. Short-term holder MVRV is spot divided by that cost.
At 1.0 the group is at break-even. At 0.90, spot is about 10% under their average cost. In an advance, that 1.0 line has often behaved as a level recent buyers defend. In a decline, the same line has often behaved as a level they sell into. It is a cohort cost, not a CryptoCrispy target.
Sell-side risk ratio
Sell-side risk adds realised profit and realised loss, then divides by Realized Cap. Glassnode quotes it in basis points per day. A low print means little of the network’s cost basis is being locked in at the current price. A spike means holders are realising larger gains or losses.
In The Week On-Chain, week 36, data as of 7 September 2026, the seven-day sell-side risk ratio was about 7 basis points, down from about 16 at the August peak. At the July 2025 and October 2025 highs the same measure printed about 35 and 23 basis points. A low print describes quiet distribution. It does not name the next candle.
Realized cap
Realized cap values every coin at the price of its last on-chain move. It rises when coins change hands at a higher cost basis and falls when they change hands lower. Read the direction over 30 and 90 days. A single day is noise. The level is a stock of capital that has entered the network, not a forecast of spot.
Where this sits in CryptoCrispy
Open the AI Assistant for the current setup: asset, direction, and invalidation. Then ask whether the on-chain regime agrees with the size you want. Quiet sell-side risk and SOPR above 1.0 are a reason to keep a planned size. A break back under 1.0, or sell-side risk returning to the August pace, is a reason to re-read size before you add.
The labelled record of CryptoCrispy signals lives on the reports page and is counted in the methodology. Glassnode’s SOPR is not that hit rate.
Takeaways
- SOPR and short-term holder MVRV use 1.0 as break-even for a defined set of coins.
- Sell-side risk is a pace of realised profit and loss, in basis points, against Realized Cap.
- Use the readings as regime context beside a CryptoCrispy signal. Date the figure, and check it again before you size.
The September snapshot of these readings is in Bitcoin’s on-chain ceiling, September 2026.
CryptoCrispy provides market analytics and trading tools. This article is general information, not personal financial advice. On-chain figures are Glassnode’s, dated in the text, and can be revised. They are not CryptoCrispy performance. Cryptocurrency trading involves the risk of loss.