# 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.

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%)

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.

$\begin{align*} \textrm{SOPD}(\textrm{price bucket}) &= \textrm{value}~\color{gray}{\textrm{(of all spent outputs where price}_{\textrm{created}}~\textrm{is in bucket)}} \end{align*}$

April 2020