Analysts track this using a metric called spent transaction results (STXO), which, in simple terms, 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.
During the peak of the bull cycle, single-day sell-offs 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 no coincidence, according to analysts at CryptoQuant. Bitcoin is currently trading around $63,000, which, as a result, could be the break-even point for the more expensive coins this group could have bought five years ago, analysts at X explained.
By trying to hold at these levels, the OGs are effectively removing a huge source of selling pressure that limited BTC’s gains above $100,000 last year.
In other words, selling pressures are weakening just as some contrarian indicators warn of a bottom. Note that spot ETF outflows have also slowed in the last two weeks, which is a positive sign for the cryptocurrency.
At the time of writing, bitcoin changed hands around $62,750, virtually unchanged over the 24 hours.
