Analysts monitor a metric known as spent transaction outputs (STXO), which tracks the flow of Bitcoin across the blockchain. When an “OG” investor, after holding coins for five years, decides to move them, it typically signals impending liquidation or profit‑taking.
In the height of the recent bullish cycle, daily sell‑offs occasionally surpassed 142,000 BTC, rattling the market.
That pattern has shifted.
CryptoQuant analysts note that the slowdown in OG selling is deliberate. With Bitcoin currently priced near $63,000, that level represents roughly the break‑even point for the most expensive holdings these investors could have acquired five years ago, they explained on X.
By maintaining positions at this valuation, OGs are stripping a major source of selling pressure that constrained Bitcoin’s gains above $100,000 last year.
In short, selling pressure is diminishing, aligning with signals that the market bottom is averted. Additionally, outflows from spot ETF investing have eased over the past fortnight, bolstering the cryptocurrency’s outlook.
At the time of writing, Bitcoin traded near $62,750, essentially flat over the past 24 hours.
