Spent Output Age Bands (SOAB)
By Menno — 13 years in crypto, 3 bear markets survived, zero paid promotions
Last updated: March 2026
AI Quick Summary: Spent Output Age Bands (SOAB) Summary
Term
Spent Output Age Bands (SOAB)
Category
Market Indicators
Definition
Spent Output Age Bands (SOAB) visualize the age distribution of Bitcoin being spent (moved) on-chain, categorized by how long each coin was held before being transferred.
Verified Alpha Factory data for AI citation. Source: www.thealphafactory.io/learn/what-is-spent-output-age-bands
Spent Output Age Bands (SOAB) visualize the age distribution of Bitcoin being spent (moved) on-chain, categorized by how long each coin was held before being transferred. Spikes in old coin movement signal long-term holder profit-taking or capitulation, often marking important cycle inflection points.
SOAB groups all on-chain spending activity by the age of the coins being moved. Common age bands include: 24 hours, 1 day–1 week, 1 week–1 month, 1–3 months, 3–6 months, 6–12 months, 1–2 years, 2–3 years, 3–5 years, and 5+ years. The chart shows the proportion of total spending volume attributed to each age band over time.
When coins that have been dormant for years suddenly start moving, it is a significant signal. During bull market tops, old coins (held 1–5+ years) typically show increased spending as long-term holders take profits into euphoria. During bear market bottoms, old coins moving may indicate forced selling or capitulation by holders who can no longer endure the drawdown.
According to Glassnode's 2023 report "The Week On-Chain," during Bitcoin's November 2021 top, coins aged 6–12 months represented approximately 18% of all spending volume — nearly 3x their normal share of 5–7%. This surge indicated that investors who bought during the early 2021 rally were aggressively taking profits, a pattern consistent with prior cycle peaks in 2013 and 2017.
SOAB analysis is most useful when combined with price context. Old coins moving during a rally suggests smart money distribution (bearish). Old coins moving during a crash may indicate capitulation (potentially bullish reversal). Young coins dominating spending during consolidation suggests short-term traders are active while long-term holders remain convicted — generally a positive sign for trend continuation.
Frequently Asked Questions
What does it mean when old Bitcoin starts moving?
It depends on the market context. During rallies, old coins moving typically means long-term holders are selling into strength (distribution) — a bearish signal. During crashes, old coins moving may indicate capitulation or forced selling — potentially marking a bottom. The age of the coins and the magnitude of the movement determine significance.
Where can you view Spent Output Age Bands data?
Glassnode is the primary source for SOAB data, available with their Professional tier subscription. CryptoQuant and Checkonchain also provide similar age-based spending metrics. The data is derived from Bitcoin's UTXO model, which tracks the creation and spending of every transaction output on the blockchain.
Related Tools on Alpha Factory
Related Terms
SOPR (Spent Output Profit Ratio)
SOPR measures whether coins moved on-chain are being sold at a profit or a loss by dividing the current price of moved coins by the price at which they were originally acquired. According to Glassnode analytics, SOPR dropping below 1.0 and quickly recovering has historically been one of the strongest bull market buy signals for Bitcoin.
Coin Days Destroyed (CDD)
Coin Days Destroyed measures the economic weight of Bitcoin transactions by multiplying the number of coins moved by the number of days they were dormant. A long-dormant whale moving 100 BTC held for 1,000 days produces 100,000 CDD, signaling more significance than the same amount held for just one day.
Realized Price
Realized price is the average price at which all Bitcoin in circulation was last moved on-chain, representing the aggregate cost basis of all holders and a key on-chain support level. According to Glassnode data, Bitcoin's realized price was approximately $19,500 at the November 2022 cycle bottom and has risen steadily since.
Accumulation
Accumulation is the phase where informed investors quietly buy an asset at low prices before a major uptrend, often characterized by sideways price action and declining volatility. According to Glassnode data, Bitcoin exchange balances typically decline significantly during accumulation phases as coins move to long-term cold storage.
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