LTH SOPD Heatmap

The Bitcoin LTH SOPD Heatmap visualizes Spent Output Price Distribution restricted to Long-Term Holder spends. Each day, the coins that move on-chain are grouped by the price band at which they last transacted, and only outputs originating from long-term holders are counted. The result is plotted as a heatmap where the horizontal axis is time, the vertical axis is the price band of the spent coins, and color intensity encodes how much long-term-holder supply was spent within each band on a given day.

Read the chart by watching where the heat concentrates. Bright cells sitting at deep-discount price bands, well below the current Bitcoin price, indicate that vintage coins acquired at much lower levels are being spent. Because long-term holders tend to sit still through most of a cycle, a sudden bloom of activity in these low cost-basis bands is a meaningful shift in behavior rather than routine turnover.

Use the heatmap as a distribution signal. Clusters of long-term-holder spending at deep-discount bands are a classic late-cycle signature: coins held for years are being sold into strength, transferring supply from patient holders to newer buyers. Treat sustained heat at these vintage bands as evidence that experienced Bitcoin holders are realizing gains, and read it alongside price and other holder-cohort metrics rather than in isolation.

Check the selected asset, units, and cohort before comparing readings. Compare the metric over consistent dates and use related measures to understand what contributes to a change.