Spent Output Age Bands (SOAB) categorize all Bitcoin transactions by the age of the coins being spent, showing what percentage of daily volume comes from coins held for different durations. They reveal the spending behavior of short-term and long-term holders over time.
Spent Output Age Bands (SOAB) categorize all Bitcoin transactions by the age of the coins being spent, showing what percentage of daily volume comes from coins held for different durations. They reveal the spending behavior of short-term and long-term holders over time.
Spent Output Age Bands break down all on-chain transactions into age buckets — for example, coins held less than 1 day, 1 day to 1 week, 1 week to 1 month, 1 to 3 months, 3 to 6 months, 6 to 12 months, 1 to 2 years, 2 to 3 years, 3 to 5 years, and 5+ years. Each band shows its share of total spending volume, creating a stacked area chart that visualizes holder behavior across different time preferences.
During accumulation phases, the older age bands (1+ years) shrink to minimal levels, meaning long-term holders are not spending. The chart is dominated by younger bands as only recent buyers transact. As a bull market matures, the older bands begin to expand — this is the distribution phase where experienced holders sell into strength.
The transition from young-dominant to old-dominant spending is one of the most telling cycle signals in on-chain analysis. When coins held for 2+ years suddenly represent a significant share of daily transactions, it often marks the late stage of a bull run. Conversely, when old coin spending virtually disappears after a crash, it suggests capitulation is complete and the foundation for a new cycle is being laid.
Age bands are typically divided into ranges: less than 1 day, 1-7 days, 1 week to 1 month, 1-3 months, 3-6 months, 6-12 months, 1-2 years, 2-3 years, 3-5 years, and 5+ years. Each band represents the percentage of total transaction volume from coins within that age range.
When coins held for 2+ years start representing a larger share of transactions during a price rally, it means long-term holders are selling. These are typically the most experienced participants, and their distribution into market strength is a classic late-cycle pattern.
Yes. During accumulation, virtually all spending comes from young coins (held less than 3-6 months) while older bands flatline. This pattern indicates that long-term holders are refusing to sell at low prices and only short-term traders are active — a foundation for the next cycle.