Bitcoin OGs cut selling to a two-year low, easing profit-taking
On-chain data suggests Bitcoin’s long-term “OG” investors (holders inactive for at least five years) have sharply reduced selling activity.
CryptoQuant reports the 90-day moving average of BTC spent by these OGs fell to 962 BTC, the lowest level since November 2024. At current prices around $62k, OGs appear to prefer holding rather than realizing gains, which could be removing a key sell-side overhang.
The article notes that Bitcoin’s 2023 bull run saw unusually aggressive OG selling. Large sell waves were associated with price surges, including peaks in May 2024, February 2025, and September 2025—when single-day outflows sometimes exceeded 142,000 BTC. That pattern has weakened recently.
CryptoQuant links the slowdown partly to market “break-even” dynamics. With Bitcoin trading near roughly $63,000, analysts argue this level may be near where the most expensive coins in OG cost basis effectively lose their incentive to sell.
Traders also get confirmation from spot ETF flows, where outflows have slowed over the past two weeks. With selling pressure easing on-chain and through ETFs, Bitcoin may be forming a more durable structural floor.
As of the report, Bitcoin changed hands near $62,750, largely flat on a 24-hour basis. For traders, this matters because reduced Bitcoin OG selling can support downside stabilization if broader liquidity conditions cooperate.
Bullish
The news is broadly bullish for traders because it points to a concrete reduction in Bitcoin sell-side supply from the “OG” cohort.
Historically, spikes in long-term holder spending often coincide with profit-taking and liquidation risk, creating sharp drawdowns after rallies. The article cites those earlier peak periods (May 2024, Feb 2025, Sep 2025) where OG realized large volumes—sometimes extremely large in a single day. Now, the 90-day average spent amount dropping to 962 BTC suggests the dominant source of that historical profit-taking wave is fading.
For short-term trading, easing Bitcoin OG selling can reduce downside momentum and make rebounds easier, especially if spot ETF outflows continue to slow. For long-term behavior, it signals the market may be transitioning from “distribution” to “accumulation/hold,” which tends to help establish floors.
That said, it’s not an outright guarantee: Bitcoin’s direction will still depend on liquidity, macro risk, and whether other holders (shorter-term whales or exchange balances) begin to sell. But compared with prior cycles where OG spending surged ahead of weakness, the current stabilization is a positive divergence.