#数字资产市场动态 Bitcoin OG "regrets"? Whale selling pressure diminishes, long-term holders start holding tight

On-chain data recently revealed an interesting signal. Those Bitcoin accounts that have been dormant for over 5 years—commonly called OGs or veteran holders—have recently significantly slowed down their selling pace.

Analyst Darkfrost analyzed UTXO (Unspent Transaction Output) data, and the results are straightforward: during the previous STXO (Spent Transaction Output) phase, the 90-day moving average could spike up to around 2300 BTC. Now? It has dropped to around 1000 BTC and is just fluctuating there.

In plain language—these veteran players, who once could exert tremendous selling pressure, are now showing much less force in selling.

This market movement was originally a golden opportunity for OGs to cash out. Institutions and government funds were all buying, with perfect timing, favorable conditions, and the right people involved. The conclusion? Instead of the expected scene of "veterans collectively dumping," what we see is that—these holders with over 5 years of coins—have shifted from "sell at every high" to "hold and wait for the rise."

What does this shift mean? It removes a hidden bearish pressure source from the market. After all, these holders have extremely low costs; if they suddenly start a wave of concentrated selling, it could cause a significant ripple. Now that selling has slowed, it’s like giving the market a breath of fresh air.