A spent output refers to a transaction output on a blockchain that has been used as an input in a subsequent transaction. In the Unspent Transaction Output model, common in Bitcoin, spent outputs represent the consumed portions of a cryptocurrency balance. Once an output is spent, it can no longer be used in new transactions. This mechanism ensures that each unit of cryptocurrency is only spent once, preventing double-spending.
Context
In Bitcoin and other UTXO-based cryptocurrency analyses, tracking spent outputs provides valuable on-chain data for understanding market dynamics and investor behavior. Analysts frequently examine patterns of spent outputs to identify periods of accumulation or distribution by long-term holders. News reports may reference metrics related to spent outputs, such as Spent Output Profit Ratio, to gauge overall market profitability or loss. This data offers insights into the supply side of the market and potential shifts in investor sentiment.
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