Bitcoin’s ‘OG’ investors have slowed selling in a bullish sign for the market
CoinDesk 2026-06-24 06:39:41
Context: Bitcoin's long-term investors, known as "OGs," have significantly slowed their selling activity, which could be a bullish sign for the market. This slowdown comes after a period of intense selling by these investors, who have held their coins for at least five years. The reduction in selling pressure may help stabilize the market and support the current price of bitcoin.
Key Facts
- Bitcoin "OGs" have reduced their selling activity to the lowest levels in nearly two years, with the 90-day moving average of coins spent by these long-term holders dropping to 962 BTC, according to data from CryptoQuant.
- The slowdown in OG selling coincides with bitcoin trading around $63,000, which is believed to be the "break-even" point for the most expensive coins this group could have possibly purchased five years ago.
- During the peak of the bullish cycle, single-day sell-offs by OGs sometimes exceeded 142,000 BTC, sending shockwaves through the market, but this level of selling activity has largely ceased.
- The reduction in selling pressure from OGs and spot ETFs has eased, which could help bitcoin find a structural floor and support its current price, which is trading around $62,750.
- Analysts track the spending patterns of OGs using a metric called spent transaction outputs (STXO), which tracks the movement of BTC on the blockchain and often indicates impending liquidation or profit-taking.