Bitcoin Long-Term Holders Reduce Selling Pressure in Positive Signal for Market

Bitcoin’s longest term holders, often referred to as “OG” investors, have sharply reduced their selling activity, a development that could support the cryptocurrency’s price in the months ahead. According to CryptoQuant data, the 90-day moving average of Bitcoin spent by holders who have kept their coins for at least five years has fallen to 962 BTC, the lowest level since November 2024.

Analysts say the decline suggests these investors are choosing to hold their assets rather than take profits at current market prices.

Selling Pressure Drops After Historic Distribution Phase

The Bitcoin bull cycle that began in 2023 saw some of the largest waves of long-term holder selling ever recorded. Distribution accelerated whenever prices rallied, particularly during periods when Bitcoin traded above $100,000. Major selling peaks were recorded in May 2024, February 2025 and September 2025.

Market observers track this behavior through spent transaction outputs (STXO), a blockchain metric that measures the movement of previously dormant coins. At the height of the cycle, daily sales from these holders exceeded 142,000 BTC.

What It Means for Bitcoin Price

Analysts believe the recent slowdown may be linked to Bitcoin trading near $63,000, a level considered close to the break-even price for some of the most expensive coins acquired five years ago. With long-term holders reducing sales and spot Bitcoin ETF outflows also easing in recent weeks, a significant source of market selling pressure appears to be fading. Bitcoin was trading near $62,575 at the time of reporting.