All Holders Capital Realization

The All Holders Capital Realization (AHCR) model employs the well-known "Adjusted Spent Output Profit Ratio" (ASOPR) metric to dissect and understand the economic behavior of Bitcoin transactions, focusing on the profit or loss status of active coins. ASOPR evaluates the ratio of the value of spent outputs (transacted Bitcoin) at current prices to the value at their creation prices (when they were last moved). Essentially, it measures whether Bitcoins being transacted are, on average, being sold at a profit or a loss.