According to BlockBeats, on January 14, CryptoQuant analyst Darkfost noted a significant decline in the on-chain activity of Bitcoin OG whales, who are holders that have not moved their coins for over five years. During this cycle, the activity of these OG whales was unusually high, with the number of UTXOs spent surpassing levels from the previous cycle.
It is also noteworthy that this cycle provided Bitcoin OG whales with an almost perfect selling window, as large institutional funds and even government-level buyers entered the market. As the cycle progressed, the selling behavior of Bitcoin OG whales at periodic highs has been steadily decreasing.
The 90-day moving average of the most recent STXO peak was approximately 2,300 BTC, but this average has since dropped significantly, currently fluctuating around 1,000 BTC. This indicates that the selling pace of Bitcoin OG whales has also slowed down. The impactful selling pressure is noticeably decreasing, with the current dominant trend leaning more towards holding rather than distributing (selling).
