Quick Breakdown
- On-chain data shows OG Bitcoin holders (coins dormant over five years) have sharply reduced UTXO spending since recent cycle highs.
- The 90-day average of OG BTC spent has fallen from about 2,300 BTC to near 1,000 BTC, easing sell-side pressure.
- The slowdown suggests a shift from distribution to holding, even as institutional and government buyers remain active.
Bitcoin on-chain data indicates a notable slowdown in selling activity among the network’s oldest holders, suggesting a shift in market structure as the current cycle matures. Analysis of UTXOs spent by so-called “OG” holders’ wallets whose coins have remained dormant for more than five years shows a sharp decline in distribution compared to earlier phases of the cycle.
The data, smoothed using a 90-day moving average to reduce short-term noise, highlights a clear change in behaviour from long-term participants who were previously among the most active sellers during market rallies.
OG Bitcoin activity has dropped sharply
“This suggests that OGs have also slowed down their selling… The prevailing trend now seems to lean more toward holding rather than distribution.” – By @Darkfost_Coc pic.twitter.com/Ds6NRnpJpm
— CryptoQuant.com (@cryptoquant_com) January 15, 2026
OG holders reduce selling after peak activity
Throughout this cycle, OG holders played a significant role in supply distribution. Their selling activity exceeded levels seen during the previous bull market, coinciding with strong price appreciation and the entry of large institutional and government-linked buyers. These conditions created what many viewed as an optimal environment for early Bitcoin adopters to realize profits.
At its peak, the 90-day average of spent transaction outputs (STXOs) from OG wallets reached roughly 2,300 BTC. Since then, that figure has steadily declined. Current readings show the average fluctuating near 1,000 BTC, marking a substantial reduction in selling pressure from this cohort.
On-Chain signals point to a renewed holding phase
The reduction in OG selling suggests a transition away from aggressive distribution toward a more neutral or holding-oriented stance. Historically, long-term holders tend to sell into strength during local tops and retreat during consolidation phases. The current data implies that much of that profit-taking may already be behind the market.
With fewer old coins re-entering circulation, structural sell-side pressure appears to be easing. This does not guarantee immediate upside, but it does reduce one of the key sources of supply that can weigh on price during volatile periods.
Meanwhile, Bitcoin entered what experts describe as a “cooling phase” following its inability to sustain a year-end rally in 2025, according to on-chain analytics firm CryptoQuant. Analysts suggest this period of stagnant price action may set the stage for gradual market recovery.
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