Recent data indicates that long-term Bitcoin holders, often referred to as “OGs,” have significantly curtailed their selling activity, reaching the lowest levels observed in nearly two years. This trend emerges as the 90-day moving average of coins spent by these investors has fallen to 962 BTC, a figure not seen since late 2024.
According to CryptoQuant, the decline in selling among these seasoned investors suggests a shift in market dynamics. The analyst noted on social media platform X, “Today, the 90-day average of BTC spent by these OGs has dropped below 1,000, sitting at 962, its lowest level since November 2024. At current prices, these investors are choosing to continue holding rather than sell, thereby contributing to the easing of selling pressure.”
To comprehend the significance of this development, it is essential to examine the historical context of OG spending patterns. The bullish market cycle that commenced in early 2023 witnessed unprecedented selling activity among long-term holders. Notably, last year saw intense sell-offs when Bitcoin prices surged above $100,000, prompting these holders to capitalize on their investments.
During this period, substantial sell-offs were recorded, with daily transactions sometimes exceeding 142,000 BTC. These movements created notable peaks in the market, particularly in May 2024, February 2025, and September 2025, as OGs reacted to price fluctuations.
Analysts utilize a metric known as spent transaction outputs (STXO) to monitor these trends. This metric tracks the movement of Bitcoin on the blockchain, with OGs selling coins after holding them for extended periods often signaling potential liquidation or profit-taking.
The recent slowdown in selling activity is not viewed as coincidental. Current Bitcoin prices hover around $63,000, which analysts suggest may represent a break-even point for many of the coins acquired by these long-term holders five years ago. By opting to retain their investments at these levels, OGs are alleviating a significant source of selling pressure that previously constrained Bitcoin’s price growth above $100,000.
Additionally, the reduction in selling from OGs coincides with a decline in outflows from spot exchange-traded funds (ETFs), further indicating a potential stabilization in the cryptocurrency market. As of the latest reports, Bitcoin remains relatively stable, trading near $62,750, reflecting minimal change over the past 24 hours.
Long-term Bitcoin holders have significantly reduced their selling activity, reaching a two-year low. This trend may contribute to a more stable market environment as selling pressures ease.