Long-term bitcoin BTC$60,896.23 holders appear to be done cashing out for now.
These "OGs", the legendary investors who have held their coins for at least five years, have hit a significant lull in their selling activity. The 90-day moving average of coins spent by these long-term holders has dropped to just 962 BTC, the lowest level seen since late 2024, according to data source CryptoQuant.
"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," CryptoQuant's analyst said on X.
To understand why this matters, it's imperative to look at the spending patterns of these "Original Gangsters" over the past two years. The bull cycle that began in early 2023 has actually seen the most aggressive OG selling in bitcoin’s history. Selling was especially intense last year, when BTC traded above $100,000.
Every time the price surged, these long-term holders hit the "sell" button in massive waves, creating huge "peaks" in May 2024, February 2025, and September 2025.
Analysts track this using a metric called spent transaction outputs (STXO), which, in simple terms, tracks the movement of BTC on the blockchain. An OG moving coins after holding them for half a decade is almost always a sign of impending liquidation or profit-taking.
During the peak of the bullish cycle, single-day sell-offs sometimes exceeded 142,000 BTC, sending shockwaves through the market.
The timing of this slowdown in OG selling is not a coincidence, according to analysts at CryptoQuant. Currently, bitcoin is trading around $63,000, which, as it turns out, could be the "break-even" point for the most expensive coins this group could have possibly purchased five years ago, analysts explained on X.
By looking to hold at these levels, the OGs are effectively removing a massive source of selling pressure that capped BTC's gains above $100,000 last year.
In other words, sell-side pressures are weakening just as some contrary indicators warn of a bottom. Note that outflows from spot ETFs have also slowed over the past two weeks in a positive sign for the cryptocurrency.
As of this writing, bitcoin changed hands near $62,750, largely unchanged on a 24-hour basis.
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
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