Bitcoin’s Oldest Holders Just Changed Behavior — Here’s Why It Matters

Bitcoin selling pressure from long-term holders is easing sharply, according to new on-chain data from CryptoQuant, signaling a potential shift in market supply dynamics.

The 90-day average of Bitcoin spent by investors holding for more than five years has fallen to 962 BTC, its lowest level since November 2024.

Movements from these long-term holders can materially impact market liquidity, CryptoQuant noted.

CryptoQuant analyst Darkfost highlighted that the current market cycle has seen the largest wave of OG selling in Bitcoin's history, based on Spent Transaction Output (STXO) data.

STXO tracks the volume of Bitcoin moved on-chain. According to CryptoQuant, transfers from wallets holding BTC for more than five years are often associated with profit-taking activity.

According to the report, this market cycle has recorded the largest wave of OG Bitcoin selling on record, with three major peaks visible on a 90-day moving average basis.

The 90-day average of Bitcoin sold by long-term holders peaked at 3,860 BTC in May 2024, 3,200 BTC in February 2025, and 2,360 BTC in September 2025, each following substantial Bitcoin price rallies.

Although the 90-day average remained in the low thousands of BTC, daily selling volumes were significantly higher at times, surpassing 10,000 BTC and 30,000 BTC, and reaching as much as 142,000 BTC on a single day.

According to the CryptoQuant analyst, the most expensive Bitcoin acquired by this cohort would have been purchased around $63,200, placing many of these investors in profit at current market prices.

The latest reading indicates a notable slowdown in spending from Bitcoin's oldest investors compared to previous distribution phases.

The CryptoQuant report notes that the 90-day average of Bitcoin sold by the early investors has fallen below 1,000 BTC, dropping to 962 BTC, which is the lowest level since November 2024.

“At current prices, these investors are choosing to continue holding rather than sell, thereby contributing to the easing of selling pressure,” the analysts conclude.

Long-term Bitcoin holders control a substantial portion of the circulating supply. A decline in selling from this group reduces potential market supply, a factor traders often monitor when assessing Bitcoin's price outlook.

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