Analysts track this using a metric called spent transaction outputs (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 bullish cycle, single-day sell-offs sometimes exceeded 142,000 BTC, sending shockwaves through the market.
But that’s not the case anymore.
The timing of this slowdown in OG selling is not a coincidence, according to analysts at CryptoQuant. Currently, bitcoin is trading around $63,000, which, as it turns out, could be the “break-even” point for the most expensive coins this group could have possibly purchased five years ago, analysts explained on X.
By looking to hold at these levels, the OGs are effectively removing a massive source of selling pressure that capped BTC’s gains above $100,000 last year.
In other words, sell-side pressures are weakening just as some contrary indicators warn of a bottom. Note that outflows from spot ETFs have also slowed over the past two weeks in a positive sign for the cryptocurrency.
As of this writing, bitcoin changed hands near $62,750, largely unchanged on a 24-hour basis.