OG Bitcoin Selling Slows as Long-Term Holders Shift Back to Holding

Key Takeaways

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  On-chain data indicates that long-term Bitcoin holders, defined as those holding coins dormant for over five years, have significantly reduced their spending activity since recent cycle highs.
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  The 90-day average of Bitcoin spent by these "OG" holders has fallen from approximately 2,300 BTC to around 1,000 BTC, suggesting a decrease in sell-side pressure.
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  This slowdown in spending implies a potential shift from distribution to accumulation among these long-term holders, even while institutional and government entities remain active market participants.

Bitcoin on-chain data indicates a notable slowdown in selling activity among the network’s oldest holders, suggesting a shift in market structure as the current cycle matures. Analysis of UTXOs spent by so-called “OG” holders’ wallets whose coins have remained dormant for more than five years shows a sharp decline in distribution compared to earlier phases of the cycle.

The data, smoothed using a 90-day moving average to reduce short-term noise, highlights a clear change in behavior from long-term participants who were previously among the most active sellers during market rallies.

OG Holders Reduce Selling After Peak Activity

Throughout this cycle, OG holders played a significant role in supply distribution. Their selling activity exceeded levels seen during the previous bull market, coinciding with strong price appreciation and the entry of large institutional and government-linked buyers. These conditions created what many viewed as an optimal environment for early Bitcoin adopters to realize profits.

At its peak, the 90-day average of spent transaction outputs (STXOs) from OG wallets reached roughly 2,300 BTC. Since then, that figure has steadily declined. Current readings show the average fluctuating near 1,000 BTC, marking a substantial reduction in selling pressure from this cohort.

On-Chain Signals Point to a Renewed Holding Phase

The reduction in OG selling suggests a transition away from aggressive distribution toward a more neutral or holding-oriented stance. Historically, long-term holders tend to sell into strength during local tops and retreat during consolidation phases. The current data implies that much of that profit-taking may already be behind the market.

With fewer old coins re-entering circulation, structural sell-side pressure appears to be easing. This does not guarantee immediate upside, but it does reduce one of the key sources of supply that can weigh on price during volatile periods.

Meanwhile, Bitcoin entered what experts describe as a “cooling phase” following its inability to sustain a year-end rally in 2025, according to on-chain analytics firm CryptoQuant. Analysts suggest this period of stagnant price action may set the stage for gradual market recovery.