SOPD (Spent Output Price Distribution)

Spent Output Price Distribution (SOPD) shows the volume of coins moved on-chain on any given day, and at which prices the movements occurred.

Indicator Overview

Spent Output Price Distribution (SOPD) shows at which prices UTXOs were spent on a given day (i.e. each bar shows the amount of Bitcoin volume that was moved within that specified price bucket). The price specified on the x-axis refers to the lower bound of that bucket.
There are two variants of this metric based on x-axis partitioning:
• ATH-partitioned (price buckets are defined by dividing the range between 0 and the current ATH in 100 equally-spaced partitions)
• % partitioned (price buckets are defined by taking the day's closing price and creating 50 equally-spaced bucket each above and below the closing price in steps of +/- 2%)

How is it measured?

SOPD price buckets are calculated by adding the value of all spent outputs where the price when the spent outputs were created falls into that given bucket.
\begin{align*} \textrm{SOPD}(\textrm{price bucket}) &= \textrm{value}~\color{gray}{\textrm{(of all spent outputs where price}_{\textrm{created}}~\textrm{is in bucket)}} \end{align*}