Bitcoin’s long-term “OG” holders have reduced their selling activity to the lowest level in nearly two years, suggesting that early investors are largely holding steady rather than taking profits at current prices.

These “OGs”—wallets that have held Bitcoin for at least five years—are showing a marked decline in distribution. Data from CryptoQuant shows the 90-day moving average of coins spent by this cohort has dropped to 962 BTC, the weakest level since late 2024.

A CryptoQuant analyst noted on X that the metric has now fallen below 1,000 BTC, indicating that long-term holders are choosing to retain their positions instead of selling, which is helping ease overall market supply pressure.

Throughout the bull cycle that began in early 2023, this group has been one of the most consistent sources of selling. OG distribution has tended to spike during strong rallies, particularly when Bitcoin traded above $100,000.

Each major upward move has been accompanied by waves of profit-taking, with notable peaks in selling activity recorded in May 2024, February 2025, and September 2025.

The trend is tracked using spent transaction outputs (STXO), a metric that captures movement of previously dormant coins. When wallets that have held BTC for years suddenly become active, it is often interpreted as profit realization or preparation for selling.

At the height of the cycle, daily selling from OG holders at times exceeded 142,000 BTC, adding significant downward pressure during overheated phases of the market.

That behavior has now eased. Analysts at CryptoQuant suggest the slowdown is significant, noting that Bitcoin is currently trading near $63,000—a level close to the estimated break-even range for some of the earliest and highest-cost holdings in this cohort.

By holding instead of distributing at these levels, OG investors are effectively removing a key source of supply that previously capped upside momentum during Bitcoin’s move above $100,000.

This cooling in sell pressure is also occurring alongside signs of broader stabilization, including a recent slowdown in spot Bitcoin ETF outflows over the past two weeks.

At the time of writing, Bitcoin is trading near $62,750, showing little change over the past 24 hours.