CoinDesk
Long-term Bitcoin holders have cut their selling to the lowest level in nearly two years, a structural shift that removes a major source of overhead supply just as Bitcoin trades near $63,000. The 90-day moving average of BTC spent by coins held five or more years has dropped to 962 BTC, the lowest reading since November 2024, according to CryptoQuant.
Analysts at the on-chain firm said the pattern is no coincidence. The current price range lines up with the break-even point for the most expensive BTC this cohort could have acquired five years ago, and these holders are choosing to sit rather than realise gains. Single-day OG sell-offs peaked above 142,000 BTC during the 2024-2025 bull cycle, repeatedly capping rallies above $100,000.
Why it matters
The spending data is tracked through spent transaction outputs (STXO), and an OG moving coins after half a decade of dormancy is almost always a precursor to liquidation. The fact that the 90-day average has now slipped below 1,000 BTC means the cohort that historically created the heaviest waves of profit-taking has effectively gone quiet. Selling pressure is easing from the cohort with the deepest cost basis in the market.
That matters because the heavy lifting of any rally past $100,000 last year came from OG distribution. With that bid now sitting on the sidelines, the marginal seller in the market shifts toward shorter-term actors, who tend to be more sensitive to spot ETF flows and macro catalysts than to cycle narratives.
Market impact
Spot ETF outflows have also slowed over the past two weeks, according to the report, layering another easing signal on top of the on-chain quiet. Bitcoin traded near $62,750 at the time of writing, roughly flat on the day, suggesting the market is digesting the data rather than pricing a directional move yet. The setup leaves BTC pinned between a weakening sell side and a still-cautious buy side, with the $63,000 area now acting as a structural floor that bulls will need to defend if the OGs decide to rotate back in.
Frequently asked questions
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What does it mean that Bitcoin OGs have slowed their selling?
The 90-day moving average of BTC spent by coins held five or more years has dropped to 962 BTC, the lowest reading since November 2024. CryptoQuant analysts say these long-term holders are sitting on their positions rather than realising gains near the $63,000 level.
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Why does the $63,000 price level matter for OG holders?
Analysts at CryptoQuant note that $63,000 lines up with the break-even point for the most expensive BTC this cohort could have acquired five years ago. Holding rather than selling at break-even removes a key source of overhead supply.
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What is the spent transaction output (STXO) metric?
STXO tracks the movement of BTC on the blockchain by age of coins. An OG moving coins after half a decade of dormancy is almost always a precursor to liquidation or profit-taking, which is why analysts monitor the metric as a proxy for sell-side pressure.
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How much BTC did OGs sell at the peak of the last cycle?
During the 2024-2025 bull cycle, single-day OG sell-offs sometimes exceeded 142,000 BTC. Those waves of profit-taking repeatedly capped Bitcoin's rallies above $100,000.
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What else is easing selling pressure on Bitcoin right now?
Spot Bitcoin ETF outflows have also slowed over the past two weeks, according to the report. The combination of quieter long-term holder distribution and lighter ETF outflows is layering into a setup where the marginal seller is shifting toward shorter-term actors.
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