OG Bitcoin Selling Falls To 19-Month Low As New Bottom Signal Arises

CryptoQuant data show Bitcoin holders who bought their coins more than five years ago have cut spending to a 90-day average of 962 BTC, the lowest level since November 2024. The pullback follows three major spending waves over the past two years, which peaked at 3,860 BTC in May 2024, 3,200 BTC in February 2025 and 2,360 BTC in September 2025, with individual sessions once exceeding 10,000, 30,000 and even 142,000 BTC.

Crypto analyst Darkfost said the current cycle produced the highest level of long-term holder spending on record. Using spent transaction outputs (STXO) to track coins that moved across the network, he noted the most expensive coins held by this cohort were bought for about $63,200, close to current prices, suggesting many of these holders are opting not to sell.

Researcher Axel Adler Jr. pointed to a growing split between newer and older investors.

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