> 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-greater-than-10y.md).

# Spent Outputs > 10y

## Spent Outputs > 10 Years Indicator

The Spent Outputs > 10 Years metric is an on-chain indicator that tracks the number of spent transaction outputs (UTXOs) that are older than 10 years. It provides insights into the activity of long-dormant coins, often associated with early adopters, lost coins, or strategic moves by long-term holders. This metric is valuable for understanding market dynamics, especially during major price movements or significant events.

## Steps to Use the Spent Outputs > 10 Years Metric

1\. Understand the Concept

* Spent Outputs > 10 Years: Measures the frequency of UTXOs older than 10 years that are spent, reflecting activity from coins that have been dormant for a decade or longer.
* Relevance: Highlights the behavior of long-term holders and early adopters, offering insights into market sentiment and potential liquidity events.

2\. Interpret the Spent Outputs > 10 Years Metric

* High Activity: Suggests increased movement of long-dormant coins, which may signal significant market events, profit-taking by early adopters, or changes in strategic holdings.
* Low Activity: Indicates that long-term holders are not moving their coins, often reflecting market stability or confidence in future price growth.
* Spikes in Activity: May signal market stress, profit-taking during price peaks, or renewed activity from historically inactive wallets.

3\. Analyze Historical Patterns

* Market Peaks: Spikes in this metric during price surges may indicate profit-taking by long-term holders, often aligning with market tops.
* Market Bottoms: Increased activity in older coins during downturns can suggest capitulation or strategic repositioning.
* Accumulation Phases: Sustained low activity reflects the holding behavior of long-term investors, often seen during accumulation phases.

4\. Make Decisions

* During Bull Markets: Monitor spikes in this metric as potential signals of profit-taking by long-term holders, which may precede market corrections.
* During Bear Markets: Increased activity in these outputs may indicate capitulation or strategic reallocation by long-term holders, potentially marking market bottoms.
* During Stable Markets: Low activity suggests continued confidence among long-term holders, signaling strong market fundamentals.

## Tips:

* Combine with Other Metrics: Use Spent Outputs > 10 Years alongside metrics like Realized Cap to gain a comprehensive view of long-term holder behavior.
* Track Historical Peaks:Spikes in this metric during past bull markets often aligned with significant profit-taking events by early adopters or long-term holders.
* Focus on Dormant Coin Movements: Activity in this metric can highlight rare events, such as the movement of lost coins, whale transactions, or the activation of legacy wallets.
* Assess Market Sentiment: Increased spending of older coins during downturns may indicate strategic decisions by long-term holders, often signaling market stress or repositioning.

## How to Use the Indicator Effectively

* During Market Tops: Spikes in Spent Outputs > 10 Years during bull runs suggest profit-taking by early adopters and long-term holders. These signals often align with market tops and may indicate a period of heightened selling pressure.
* During Capitulation Phases: Increased activity in these outputs during market downturns may signal capitulation by some long-term holders or the movement of dormant coins. These conditions often precede market bottoms and present opportunities for accumulation.
* During Stable Markets: Low activity in this metric reflects the confidence of long-term holders, signaling strong fundamentals and limited selling pressure from early adopters.

## Created By: This indicator is a widely recognized tool in blockchain analytics.