Analysts track this using a metric called spent transaction outputs (STXO), which, simply put, tracks the movement of BTC on the blockchain. An OG moving coins after holding them for half a decade is almost always a sign of impending liquidation or profit-taking.
At the height of the bull cycle, sales in a single day sometimes exceeded 142,000 BTC, sending shockwaves through the market.
But that is no longer the case.
The timing of this slowdown in OG sales is not a coincidence, according to CryptoQuant analysts. Currently, bitcoin is trading around $63,000, which ultimately could be the “break-even point” for the most expensive coins this group could have purchased five years ago, analysts on X explained.
By seeking to hold at these levels, OGs are effectively eliminating a massive source of selling pressure that capped BTC’s gains above $100,000 last year.
In other words, selling pressures are weakening just as some contrary indicators are signaling a bottom. Note that outflows from spot ETFs have also slowed over the past couple of weeks, which is a positive sign for the cryptocurrency.
As of this writing, Bitcoin has changed hands near $62,750, virtually unchanged over 24 hours.
