On-chain data suggests the story of broad “OG whale” distribution in bitcoin may be overstated.
Glassnode’s HODL Waves reveal that coins held for 7–10 years now account for over 8.1% of total supply, the highest level in six years. The 10+ year band has also expanded, with this group now controlling nearly 17% of circulating supply.
These gains contrast with the heavy focus on large transactions, such as Galaxy’s facilitation of an 80,000 BTC movement, and sales triggered when bitcoin crossed $100,000 in the past year. While such events reinforce the impression of aggressive OG selling, the broader data tells a different story.
The most notable decline has occurred in the 5–7 year cohort, which has dropped from around 10% of supply at the start of 2023 to just 5% today. Many of these coins were acquired during the 2019–2020 cycle, particularly when BTC traded near $3,000 during the Covid-driven selloff, and are now gradually being distributed.
Taken together, the data shows that while some mid-term holders are realizing profits, older cohorts are quietly growing their share of supply, signaling conviction rather than capitulation among bitcoin’s longest-standing investors.
