Bitcoin Veteran Holders Hold Firm as Selling Activity Cools Below $100K

Bitcoin’s long-term “OG” holders have pulled back sharply on selling, with activity falling to its lowest level in nearly two years—an indication that early investors are largely sitting on their coins rather than locking in profits at current prices.

These “OGs,” defined as wallets holding Bitcoin for five years or more, are showing a clear drop in distribution. CryptoQuant data shows the 90-day moving average of coins spent by this cohort has declined to 962 BTC, the weakest reading since late 2024.

A CryptoQuant analyst noted on X that the figure has now dropped below 1,000 BTC, suggesting that long-term holders are opting to hold rather than sell, helping to reduce overall supply-side pressure in the market.

Over the current bull cycle that began in early 2023, this group has been one of the most reliable sources of selling. OG distribution has tended to accelerate during strong price rallies, especially when Bitcoin traded above $100,000.

Each major leg higher has historically been met with waves of profit-taking, with notable spikes in activity seen in May 2024, February 2025, and September 2025.

The trend is measured using spent transaction outputs (STXO), a blockchain metric that tracks movements of previously dormant coins. When wallets inactive for years suddenly begin transferring BTC, it is typically viewed as a signal of profit realization or potential liquidation.

At the peak of the cycle, daily OG selling at times exceeded 142,000 BTC, contributing to sharp volatility and heavy downside pressure during overheated market phases.

That pattern has now eased noticeably. CryptoQuant analysts say the slowdown is meaningful, pointing out that Bitcoin is currently trading near $63,000—a level close to the estimated break-even zone for some of the oldest and highest-cost holdings in this cohort.

By choosing to hold rather than distribute at these levels, OG investors are effectively removing a key source of supply that previously limited upside during Bitcoin’s push above $100,000.

This easing in selling pressure also comes alongside broader signs of stabilization, including a recent moderation in spot Bitcoin ETF outflows over the past two weeks.

At the time of writing, Bitcoin is trading near $62,750, showing minimal movement over the past 24 hours.