Sell-off wave slams on the brakes! Bitcoin OGs stop dumping, bullish reversal signals emerging?

Latest data shows that Bitcoin long-term holders—those holding for more than 5 years—have significantly reduced their selling. The 90-day average spending volume has fallen to 962 BTC, reaching a recent low, and the market’s heavy selling pressure has noticeably eased.

Bitcoin long-term holders who had gone on a frenzy of “dumping” at market peaks seem to have temporarily stopped taking profits. The latest data shows that these “veteran OG investors” with holdings of more than 5 years are cutting back their selling actions significantly, meaning the heaviest selling pressure on the order book is fading—and this is likely a bullish signal worth paying attention to.

According to CryptoQuant statistics, the average amount these long-term holders have sold over the past 90 days has dropped to only 962 BTC, the lowest level since the end of 2024. A CryptoQuant analyst said on the social platform X:

The current 90-day average spending volume of these OG investors has fallen below 1,000 BTC, coming in at 962 BTC and setting a new low since November 2024. At the current price level, they choose to keep holding rather than sell their Bitcoin, further easing market selling pressure.

In fact, if you look back at market trends over the past two years, these old players have always been an important selling force for Bitcoin—especially last year, when Bitcoin surged past the $100,000 mark with strong momentum, the selling intensity of large holders was unusually fierce.

Whenever the coin price rockets higher, these long-term holders press the “sell” button without hesitation, triggering wave after wave of “dumping” and creating astonishing selling peaks in May 2024, February 2025, and September 2025, respectively.

Analysts track these moves using an indicator called Spent Transaction Outputs (STXO), which refers to records of Bitcoin funds that have been used or transferred on the blockchain and is commonly used to assess the flow of coins. In simple terms, when an OG investor who has held coins for 5 years starts transferring assets, it usually clearly signals that they are preparing to liquidate or take profits.

Image source: CryptoQuant

During the peak of the bull market surge, the daily selling volume of these whales even once exceeded 142,000 BTC, stirring up waves across the market—but now this phenomenon has cooled down significantly.

CryptoQuant analysts believe this cooling of selling pressure is not a coincidence. At present, the Bitcoin price is hovering around $63,000, and this level is very likely the breakeven point for some OG investors who bought their “most expensive batch of chips” when they entered the market 5 years ago.

Put another way, for some long-term holders with higher costs, the current price may not be attractive enough for them to sell again. Analysts point out that these investors’ decision to keep holding effectively eliminates the massive selling pressure that had suppressed Bitcoin from rising above $100,000 last year.

In other words, just as some contrarian indicators suggest the market may have already bottomed out, the bear side’s “dumping” selling pressure is also weakening. Notably, over the past two weeks, net outflows from Bitcoin spot ETFs have also slowed down, which is undoubtedly a positive bottoming signal for the overall cryptocurrency market.

As of the time of writing, Bitcoin is trading around $62,500, with no significant change over the past 24 hours, and the market remains relatively stable.

• This article is republished with permission from: BlockTempo
• Original title: 《Selling Frenzy Hits the Brakes! Bitcoin "Veteran OG Investors" Stop Selling, Bullish Reversal Signal Emerging?》
• Original author: Mel from BlockTempo