Is the Selling Wave of Old Coins Slamming the Brakes? Did Bitcoin’s OGs Stop Dumping?

Is this a signal of a bullish comeback?

Bitcoin long-term holders who were crazily selling off at market highs
seem to have paused their profit-taking—for now.
The latest data shows that this group of “veteran OG investors” holding coins
for more than 5 years is significantly reducing their selling activity,
which suggests the heaviest sell pressure on the order book
is fading, and may be a notable bullish signal.

According to CryptoQuant statistics, the average amount sold
by these long-term holders over the past 90 days
has dropped to just 962 bitcoins,
the lowest level since the end of 2024.

Looking back at the market trend over the past two years,
these old hands have consistently been an important selling force for Bitcoin.
Especially last year, when Bitcoin strongly surged past the $100,000 mark,
the dumping pressure from large holders was even more aggressive.

Whenever the coin price skyrocketed,
these long-term holders would promptly press the “sell” button,
triggering wave after wave of sell-offs,
and they respectively created astonishing selling peaks in
May 2024, February 2025,
and September 2025.

Analysts track these moves using an indicator called
“Spent Transaction Output” (STXO),
which refers to records of bitcoins that have been used or transferred on the blockchain,
and is commonly used to infer the flow of coins.
Put simply, when a 5-year-plus OG investor
starts moving assets,
it usually clearly signals that they’re preparing to either fully exit
or take profits.
During the peak of the bull-market frenzy,
these whales’ daily selling volume
even once exceeded 142,000 bitcoins—
but now, this phenomenon
has cooled down significantly.

Analysts believe this cooling of sell pressure isn’t a coincidence.
Bitcoin’s price is currently around $63,000,
and this level may very well be the break-even point
for a portion of OG investors
who entered 5 years ago,
the “most expensive batch” of coins they bought.

For some long-term holders with higher costs,
the current price may not be attractive enough
to persuade them to sell again.
Just as certain contrarian indicators suggest the market may have bottomed,
the selling pressure from the bears is also weakening.
Notably, over the past two weeks, net outflows from Bitcoin spot ETFs
have also slowed down,
which could be a constructive bottoming signal
for the overall crypto market.