> For the complete documentation index, see [llms.txt](https://docs.blockhorizon.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.blockhorizon.io/chart-tutorials/spend-outputs/spent-outputs-1m-3m.md). # Spent Outputs 1m-3m ## Spent Outputs 1 Month–3 Months Indicator The Spent Outputs 1 Month–3 Months metric is an on-chain indicator that tracks the number of spent transaction outputs (UTXOs) aged between 1 month and 3 months. It provides insights into the activity of medium-term holders, offering a snapshot of their behavior in response to market conditions. This metric is particularly useful for understanding shifts in sentiment, profit-taking, and medium-term trading strategies. ## Steps to Use the Spent Outputs 1 Month–3 Months Metric 1\. Understand the Concept • Spent Outputs 1 Month–3 Months: Measures the frequency of UTXOs created 1–3 months ago that are now being spent. • Relevance: Reflects medium-term holder behavior, including profit-taking, reallocation, or panic selling in response to market dynamics. 2\. Interpret the Spent Outputs 1 Month–3 Months Metric • High Activity: Indicates increased spending by medium-term holders, often associated with profit-taking during bull markets or panic selling during downturns. • Low Activity: Suggests reduced activity by medium-term holders, often observed during periods of accumulation or market stability. • Spikes in Activity: May signal reactions to significant price movements, market events, or strategic portfolio adjustments. 3\. Analyze Historical Patterns • Bull Markets: High activity in this age band often aligns with profit-taking by medium-term holders during price rallies. • Bear Markets: Increased activity can signal capitulation by medium-term holders, often observed near market bottoms. • Sideways Markets: Low activity reflects market indecision or medium-term holders choosing to hold through consolidation phases. 4\. Make Decisions • During Bull Markets: Monitor high activity in this metric as a potential signal of profit-taking, which may precede short-term price corrections. • During Bear Markets: Spikes in activity during downtrends can indicate capitulation by medium-term holders, potentially signaling market bottoms and accumulation opportunities. • During Stable Markets: Low activity reflects market calmness, providing time to evaluate long-term investment strategies. ## Tips: * Combine with Other Metrics: Use Spent Outputs 1 Month–3 Months alongside metrics like RHODL Ratio, SOPR (Spent Output Profit Ratio), and Volume for a comprehensive understanding of holder behavior. * Track Profit-Taking Trends: Increased activity in this metric during bull runs may highlight profit-taking by medium-term holders, offering early signs of potential market reversals. * Assess Capitulation Phases: High activity during bear markets can indicate capitulation by medium-term holders, often aligning with market bottoms and strategic buying opportunities. * Compare Historical Data: Evaluate current activity levels against historical patterns to identify recurring behaviors and their correlation with market trends. ## How to Use the Indicator Effectively • During Market Tops: High activity in Spent Outputs 1 Month–3 Months suggests profit-taking by medium-term holders, often signaling potential market tops. These signals may warrant caution and risk management strategies. • During Capitulation Events: Spikes in activity during market downturns reflect panic selling by medium-term holders, often marking market bottoms and presenting favorable accumulation opportunities. • During Consolidation Phases: Low activity indicates reduced medium-term holder participation, signaling market stability and potential for strategic long-term positioning. ## Created By: This indicator is a widely recognized tool in blockchain analytics. --- # 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 dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.blockhorizon.io/chart-tutorials/spend-outputs/spent-outputs-1m-3m.md?ask= ``` The question should be specific, self-contained, and written in natural language. 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.