Spent Output Value Bands segments all on-chain spending activity into cohorts based on the USD value of individual spent outputs, displaying the total value of outputs destroyed within each specified size range - from small retail-scale transactions to large whale-scale movements. Each band represents the aggregate value of spent outputs whose individual size falls within a defined threshold, capturing which participant tiers are driving on-chain activity at any given point in time.
Where UTXO Value Bands track the static distribution of existing unspent supply across participant tiers, Spent Output Value Bands capture the dynamic flow of coins actively being moved - making it a more immediate indicator of whether current on-chain activity is being driven by large holders or broad retail participation. When high-value bands dominate spent outputs, whales are responsible for a disproportionate share of on-chain movement - historically associated with significant market events such as large OTC settlements, exchange deposits ahead of selling, or strategic repositioning by institutional participants.
Tracking shifts in value band composition alongside price action and exchange flow data helps distinguish between market activity driven by a concentrated group of large participants versus broad-based retail behavior - a distinction critical for accurately assessing whether current on-chain volume represents structurally significant supply movement or routine transactional activity distributed across a wide base of smaller holders.
