OG Bitcoin Selling Activity Drops Sharply
Recent on-chain data reveals a sharp reduction in Bitcoin selling activity by long-term holders. These holders, known as “OG” Bitcoin investors, are those who have kept their coins for over five years.
According to a chart shared by CryptoQuant, the 90-day average of spent transaction outputs (STXO) from these long-term wallets has dropped from approximately 2,300 BTC to 1,000 BTC. This change suggests reduced participation in the market by early Bitcoin holders, which could affect the overall supply dynamics.
Decline in OG Bitcoin Selling Activity
Data from CryptoQuant shows that OG holders have decreased their Bitcoin spending compared to previous periods. The STXO metric tracks the volume of old coins being moved or sold. As shown on the chart, past increases in this metric often matched with local price peaks, such as in 2021 and early 2024.
The latest data suggests a downtrend. From a high of 3,800 BTC sold by OG wallets during the 2024 peak, the figure fell to 3,200, then 2,200 BTC, and now sits around 1,000 BTC. This pattern may indicate a reduction in selling pressure from long-term holders who are now holding rather than exiting.
“This drop in OG activity could point to a shift in market sentiment among long-term investors,” CryptoQuant stated in their post.
Historical Behavior and Current Trends
Historically, large movements of Bitcoin from OG wallets often coincided with major price changes. The STXO peaks in 2021 and 2024 occurred shortly before market corrections. The current decline in activity may indicate that OG holders are stepping back from trading.
The market often views reduced activity from OG wallets as a sign of price stability. As fewer long-term holders move their coins, the available supply in circulation decreases, which could affect future price trends. However, it is still uncertain how this reduced activity will influence short-term movements.