> For the complete documentation index, see [llms.txt](https://userguide.cryptoquant.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://userguide.cryptoquant.com/cryptoquant-metrics/utxo/utxo-bands-value/spent-output-value-bands.md). # Spent Output Value Bands Spent Output Value Bands show the distribution of all spent outputs according to its value. ## Definition Spent Output Value Bands show the distribution of all spent outputs according to its value. Each colored band represents the total value of spent outputs, that has a value within the denoted range. This indicator can be used to estimate the amount of coins moved by whale and retail holders $$ \text{Spent Output Value Bands} =\sum\_{o \in \text{spent outputs}} \text{value}\_o \* \mathbb{I}(a\_i \leq \text{value}\_o < b\_i) $$ $$ \text{Spent Output Value Bands (%)} =\frac{\sum\_{o \in \text{spent outputs}} \text{value}*o \* \mathbb{I}(a\_i \leq \text{value}*o < b\_i)}{\sum*{o \in \text{spent outputs}} \text{value}*{o}} \* 100 $$ $$ \[a\_i, bi) \in \[0, 0.01), \[0.01, 0.1), \[0.1, 1), \[1, 10), \[10, 100), \[100, 1k), \[1k, 10k), \[10k, inf) $$ | Metric | Definition | | ---------------------------- | --------------------------------------------------------------------------------------------------------------------------- | | Spent Output Value Bands | Each colored band represents **the total value of spent outputs**, that have a value within the denoted range. | | Spent Output Value Bands USD | Each colored band represents the total value of spent outputs, that have a value within the denoted range **in USD Value**. | | Spent Output Value Bands (%) | Each colored band represents **the ratio of** the total value of spent outputs, that have a value within the denoted range. | ## Interpretation This indicator can be used to estimate the amount of coins moved by whale and retail holders. As price rises/falls, it is advised to watch out for values in the Spent Output Value Bands to further gain insights on the market through analyzing its participants. Unlike UTXO Value Bands, Spent Output Age Bands focus on the UTXOs that were destroyed within the set metric window. With the help of Spent Output Age Bands, it is possible to pinpoint which sized UTXOs were destroyed in what amount. Using this knowledge, investors can correlate any price movement or changes in the network with the action of whales/retails' action precisely. ### By value itself * **High value(Native Value) & Dominance(%)** in certain Spent Output Value Bands\ \- **Mostly accountable for changes in the network** For example, if the UTXO Value Band of 1k to 10k has the greatest Spent Output Age Bands in terms of value or dominance, it could be interpreted that investors holding at least 1k to 10k are mostly accountable for any price movement or changes that occur in the market within a set metric window. ## Link to Our Data * [Spent Output Value Bands Live Chart](https://cryptoquant.com/asset/btc/chart/network-indicator/spent-output-value-bands?window=DAY\&priceScale=linear\&metricScale=linear) * [Spent Output Value Bands USD Live Chart](https://cryptoquant.com/asset/btc/chart/network-indicator/spent-output-value-bands-usd?window=DAY\&priceScale=linear\&metricScale=linear) * [Spent Output Value Bands (%) Live Chart](https://cryptoquant.com/asset/btc/chart/network-indicator/spent-output-value-bands-percent?window=DAY\&priceScale=linear\&metricScale=linear) --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation by asking a question. Perform an HTTP GET request on the following URL with the `ask` and `goal` query parameters: ``` GET https://userguide.cryptoquant.com/cryptoquant-metrics/utxo/utxo-bands-value/spent-output-value-bands.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is what the user is ultimately trying to achieve, the reason they need the answer. Sharing it helps GitBook give you a better, more relevant answer. A goal is most helpful when it describes the outcome the user wants rather than restating the question. For example, with `ask=how do I create an API token`, a goal like `automate deployments from our CI pipeline` lets GitBook tailor the answer to that use case. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.