Bitcoin OG whale selling pressure eases: shifting from selling to holding

【Blockchain Rhythm】 Bitcoin OG whales who have held their coins for over 5 years are becoming noticeably more cautious recently. According to on-chain data, the UTXO spending of this group of long-term holders has significantly declined, breaking the previously unusually active pattern.

Interestingly, this cycle actually provided these OG whales with almost a perfect exit opportunity. With institutional investors entering in large numbers, and even government-level buyers starting to participate, selling in this environment would have been quite reasonable. But the reality is quite the opposite—they are actually gradually reducing their sales at recent highs.

The data makes this even clearer. The most recent 90-day moving average of STXO peaks was about 2,300 BTC, but then it dropped sharply and is now fluctuating around 1,000 BTC. What does this straightforwardly indicate? The selling pressure from OG whales is clearly weakening, and the market’s main tone has shifted from distribution to holding. This signal is worth pondering—when large whales choose to stay on the sidelines, it usually means they still have expectations for the future market trend.