Bitcoin’s ‘OG’ investors have slowed selling in a bullish sign for the market
Key takeaways
- These "OGs", the legendary investors who have held their coins for at least five years, have hit a significant lull in their selling activity.
- "Today, the 90-day average of BTC spent by these OGs has dropped below 1 000, sitting at 962, its lowest level since November 2024.
- To understand why this matters, it's imperative to look at the spending patterns of these "Original Gangsters" over the past two years.
These "OGs", the legendary investors who have held their coins for at least five years, have hit a significant lull in their selling activity. The 90-day moving average of coins spent by these long-term holders has dropped to just 962 BTC, the lowest level seen since late 2024, according to data source CryptoQuant.
"Today, the 90-day average of BTC spent by these OGs has dropped below 1 000, sitting at 962, its 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," CryptoQuant's analyst said on X.
To understand why this matters, it's imperative to look at the spending patterns of these "Original Gangsters" over the past two years. The bull cycle that began in early 2023 has actually seen the most aggressive OG selling in bitcoin’s history. Selling was especially intense last year, when BTC traded above $100,000.