Analysis: Bitcoin OG whales significantly slow down selling, shifting to holding rather than distributing
BlockBeats News, January 14, CryptoQuant analyst Darkfost stated, "On-chain activity of Bitcoin OG whales (holders who have not moved their coins for more than 5 years) has shown a significant decline. In this cycle, OG activity was unusually high. The number of UTXOs they spent was significantly higher than in the previous cycle."
It is also worth noting that this cycle has provided Bitcoin OG whales with an almost perfect selling window: large institutional funds have entered the market, and even government-level buyers have participated. As the cycle progresses, the selling behavior of Bitcoin OG whales at cyclical highs is continuously decreasing.
The 90-day moving average of the most recent STXO peak was about 2,300 BTC, but this average has since dropped sharply and is currently fluctuating around 1,000 BTC. This indicates that the selling pace of Bitcoin OG whales has also slowed down. Their highly impactful selling pressure is clearly decreasing, and the current dominant trend is more inclined towards holding rather than distributing (selling)."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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