OG whales shift from selling to holding, on-chain data reveals a change in market participants' attitude

Bitcoin OG whales (holders who have not moved their coins for over 5 years) are exhibiting significant behavioral changes. According to the latest news, these long-term holders’ on-chain activity has shown a clear decline, shifting from early frequent selling to a current holding strategy. This transformation reflects a noteworthy change in market sentiment.

On-chain Data Shows a Clear Slowing of Selling Pace

Based on analysis by CryptoQuant analyst Darkfost, OG whales have demonstrated unusually high activity during this cycle, with the number of spent UTXOs significantly exceeding levels from the previous cycle. However, this situation is now changing.

The most direct data change is reflected in the STXO (spent transaction output) indicator:

This indicates that the selling pace of OG whales has greatly slowed, and their selling pressure is noticeably decreasing.

Why OG Whales Changed Their Strategy

The Perfect Selling Window Was Abandoned

This cycle provided OG whales with an almost perfect opportunity to sell. Currently, large institutional funds are entering the market, and even government-level buyers have started participating. In such an environment, OG whales could have distributed their holdings at high prices, but they chose the opposite approach.

From Distribution to Holding

The core meaning of this behavioral shift is clear: OG whales are transitioning from a distribution (selling) strategy to a holding strategy. This is not just a simple change in trading behavior but also reflects these early Bitcoin participants’ confidence assessment of the current cycle.

What Does This Mean

An Important Signal About Market Participant Sentiment

The choice of OG whales to hold can be understood as a form of confidence expression. These holders have experienced multiple full market cycles and have a deep understanding of Bitcoin’s long-term value. They choose to continue holding during institutional buy-ins rather than selling, implying they believe the current price levels may not be the cycle top.

The Market Impact of Reduced Selling Pressure

From an on-chain data perspective, a decrease in selling pressure generally indicates:

• Reduced market sell-side pressure
• Potentially increased price stability
• Improved psychological outlook among holders

Currently, Bitcoin is trading near $95,046, with a 24-hour increase of 3.10%, and a market cap dominance of 58.57%. Against the backdrop of OG whales reducing their distribution, such price performance may have stronger support.

Future Directions to Watch

Changes in OG whales’ behavior often precede significant market turning points. Future observations should include:

• Whether the STXO indicator continues to stay low
• Whether OG whales further reduce trading activity
• Whether this holding attitude influences other large holders’ decisions

Summary

Bitcoin OG whales shifting from frequent selling to holding reflects different perceptions among market participants regarding the current cycle. When institutional funds and government buyers enter, these early holders choose to continue holding rather than distributing, and this signal warrants attention. Changes in on-chain data not only reflect behavioral shifts but also reveal subtle psychological transitions in the market. In the context of declining selling pressure, Bitcoin’s price may gain more stable support.