Bitcoin’s long-term “OG” holders have sharply reduced their selling activity, with distribution levels falling to the lowest point in nearly two years—suggesting that many early investors are pausing profit-taking for now.
These “OGs,” defined as wallets holding Bitcoin for at least five years, have shown a clear slowdown in spending. Data from CryptoQuant shows the 90-day moving average of coins spent by this group has dropped to 962 BTC, its lowest reading since late 2024.
A CryptoQuant analyst noted on X that the metric has now slipped below the 1,000 BTC threshold, indicating that long-term holders are currently favoring accumulation or retention over selling, which is helping ease overall market supply pressure.
Historically, this cohort has been one of the most aggressive sources of distribution throughout the current bull cycle that began in early 2023. Selling pressure from OGs has repeatedly intensified during rallies, particularly when Bitcoin traded above $100,000.
Each major price surge has triggered waves of profit-taking, with notable spikes in selling activity recorded in May 2024, February 2025, and September 2025.
The trend is tracked using spent transaction outputs (STXO), a metric that measures blockchain coin movement. When long-dormant wallets begin moving coins after years of inactivity, it is typically interpreted as profit realization or preparation for liquidation.
During peak bullish phases, daily selling from this cohort has at times exceeded 142,000 BTC, significantly amplifying market volatility.
That pattern, however, has recently eased. Analysts at CryptoQuant say the slowdown is not random, noting that Bitcoin is now trading near $63,000—a level viewed as close to the approximate break-even cost basis for some of the oldest holders.
By choosing to hold rather than distribute at current prices, OG investors are effectively removing a key source of sell pressure that previously constrained upside moves above $100,000.
This reduction in supply coincides with other signs of stabilization, including a moderation in spot Bitcoin ETF outflows over the past two weeks.
At the time of writing, Bitcoin is trading near $62,750, largely unchanged over the past 24 hours.
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