Long-term investors who have held Bitcoin for at least five years, the group often referred to by the market as “OGs,” appear to have paused their profit-taking for now. This is not a minor detail. These investors had been one of the largest sources of selling pressure on Bitcoin over the past two years; whenever the price climbed, they released their coins into the market and effectively capped the rally themselves. Now, that cycle seems to have slowed, offering important clues about how current price levels and the broader market trend should be interpreted.
According to CryptoQuant data, the 90-day average amount of BTC spent by these investors has fallen to 962 BTC. This marks the lowest level seen since November 2024.
A CryptoQuant analyst commented on the issue on X, noting that the 90-day average of BTC spent by OGs had fallen below the 1,000 threshold and settled at 962, its lowest level since November 2024. According to the analyst, these investors are choosing to hold their positions rather than sell at current price levels, helping ease selling pressure in the market.
The Most Aggressive Selling Period of the Last Two Years Is Over
To understand why this slowdown matters, it is necessary to look at OG behavior over the past two years. The bull cycle that began in early 2023 saw some of the most intense OG selling in Bitcoin’s history. These sales became particularly heavy last year, when BTC was trading above $100,000.
Whenever the price jumped, these long-term investors moved to sell in large waves. Notable selling peaks were seen in May 2024, February 2025 and September 2025.
Analysts track this behavior through a metric known as STXO, or spent transaction outputs. This metric shows the movement of BTC on-chain. When an OG moves coins that have been held for five years, it is almost always interpreted as a sign of an upcoming sale or profit-taking. At the peak of the bull cycle, single-day sales exceeded 142,000 BTC in some periods, causing sharp market swings. Now, the picture looks different.
Why the $63,000 Level Matters
According to CryptoQuant analysts, the timing of this slowdown in selling is not a coincidence. Bitcoin is currently trading around $63,000; according to the assessment shared by analysts on X, this level corresponds to the “break-even” point for the most expensive coins this group may have purchased five years ago.
By choosing to hold their positions at these levels, OG investors have effectively removed a major source of selling pressure that limited Bitcoin’s rise above $100,000 last year.
In other words, while pressure on the sell side is weakening, some contrary indicators are also pointing to a possible bottom formation. The slowdown in spot ETF outflows over the past two weeks has also been recorded as another positive signal for the cryptocurrency.
You can see the current Bitcoin price in the one-month chart below:
