Bitcoin’s long-term “OG” holders have significantly cut back on selling, with activity dropping to its lowest level in nearly two years—signaling that early investors are largely stepping away from profit-taking for the moment.
These “OGs,” defined as wallets that have held Bitcoin for at least five years, are showing a clear decline in distribution. CryptoQuant data indicates that the 90-day moving average of coins spent by this group has fallen to 962 BTC, the lowest reading since late 2024.
A CryptoQuant analyst noted on X that the figure has now slipped below 1,000 BTC, suggesting that long-term holders are currently preferring to hold rather than sell, which is helping reduce overall market sell pressure.
Over the broader cycle that began in early 2023, this cohort has been one of the most consistent sources of distribution. OG selling has repeatedly surged during strong price rallies, especially when Bitcoin traded above $100,000.
Each major upside move has been accompanied by waves of profit-taking, with notable spikes in selling recorded in May 2024, February 2025, and September 2025.
This behavior is measured using spent transaction outputs (STXO), a blockchain indicator that tracks coin movement. When coins that have been dormant for years suddenly move, it is typically viewed as a signal of profit realization or potential liquidation.
At the peak of the cycle, daily OG selling sometimes exceeded 142,000 BTC, adding significant pressure and contributing to sharp market swings.
That trend has now cooled. Analysts at CryptoQuant argue the slowdown is meaningful, pointing out that Bitcoin is currently trading near $63,000—a level close to the estimated break-even range for some of the earliest and highest-cost holdings in this group.
By holding instead of selling at these levels, OG investors are effectively removing a major source of supply that previously limited upside during Bitcoin’s push above $100,000.
This easing in sell pressure comes alongside other signs of stabilization, including a recent slowdown in spot Bitcoin ETF outflows over the past two weeks.
At the time of writing, Bitcoin is trading near $62,750, showing minimal change over the last 24 hours.
