Bitcoin OGs Show Less Selling Pressure Below $100K, On-Chain Data Suggests

Bitcoin’s long-term “OG” holders have significantly reduced their selling activity, reaching the lowest level in nearly two years, suggesting that many early investors are stepping back from profit-taking for now.

These “OGs”—wallets that have held Bitcoin for at least five years—are currently showing a notable slowdown in distribution. Data from CryptoQuant indicates that the 90-day moving average of coins spent by this cohort has fallen to just 962 BTC, the lowest level since late 2024.

According to a CryptoQuant analyst cited on X, the metric has now dipped below the 1,000 BTC mark for the first time in months. At current price levels, these long-term holders appear more inclined to retain their holdings rather than sell, easing overall market sell pressure.

Looking at broader context, this group has been one of the most active sources of distribution during the ongoing bull cycle that began in early 2023. In fact, OG selling activity has been unusually strong throughout the cycle, particularly during periods when Bitcoin traded above $100,000.

Each major price rally has historically triggered waves of profit-taking from these long-term holders, with notable spikes in selling activity recorded in May 2024, February 2025, and September 2025.

This behavior is tracked using spent transaction outputs (STXO), a blockchain metric that measures coin movement. When long-dormant wallets begin moving coins after years of inactivity, it is often interpreted as a signal of profit realization or potential liquidation.

At the height of the bull market, daily distributions from this cohort sometimes exceeded 142,000 BTC, adding substantial selling pressure and contributing to market volatility.

However, that pattern has recently shifted. Analysts at CryptoQuant suggest the current slowdown is meaningful rather than random. Bitcoin is now trading near $63,000, a level they describe as close to the approximate break-even zone for some of the earliest and highest-cost coins held by this group.

By holding rather than selling at these levels, OG investors are effectively reducing a major source of supply that previously limited upside during Bitcoin’s push above $100,000.

This easing of sell pressure comes at a time when some indicators are beginning to suggest market stabilization. Spot Bitcoin ETF outflows have also moderated over the past two weeks, adding to the perception of improving market conditions.

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

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