Bitcoin’s ‘OG’ investors have slowed selling in a bullish sign for the market
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- Bitcoin "OG" holders — those sitting on coins for at least five years — have driven the 90-day moving average of coins spent down to 962 BTC, the lowest level since November 2024, per CryptoQuant data.
- The bull cycle that began in early 2023 produced the most aggressive OG selling in Bitcoin's history, with single-day sell-offs during peaks sometimes topping 142,000 BTC, creating major profit-taking waves in May 2024, February 2025, and September 2025.
- Bitcoin's current price near $63,000 appears to be the break-even threshold for the most expensive coins this cohort could have acquired five years ago, which CryptoQuant analysts say explains why OGs are now choosing to hold rather than sell.
- Spot Bitcoin ETF outflows have also decelerated over the past two weeks, compounding the easing of sell-side pressure on the market.
- With both OG distribution and ETF redemptions cooling, the article argues Bitcoin may be forming a "structural floor" as the heavy supply that previously capped gains above $100,000 in 2025 recedes.
Why it matters: If the costliest OGs are break-even at $63,000 and choosing not to sell, the cohort that historically dumped coins into every rally has effectively been neutralized at current prices — meaning the ~142,000 BTC-per-day overhang that capped Bitcoin below $100,000 in 2025 is no longer the binding constraint on a recovery. That removes one of the market's biggest structural headwinds, though it does not eliminate the macro and liquidity pressures Deutsche Bank and CoinDesk flag in parallel coverage.
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