Analysis: The selling of Bitcoin OG whales has明显 slowed down, shifting towards holding rather than distributing

CryptoQuant analyst Darkfost stated that the on-chain activity of Bitcoin OG whales (holders who have not moved their coins for over 5 years) has seen a significant decline, whereas their activity was exceptionally high during this cycle.

The number of UTXOs they spent significantly exceeded the levels of the previous cycle. It is also worth noting that this cycle provided Bitcoin OG whales with an almost perfect selling window: large institutional funds entered the market, and even government-level buyers came in. As the cycle progresses, the selling behavior of Bitcoin OG whales at peak stages is continuing to decrease.

The 90-day average of the most recent STXO peak was about 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. Their impactful selling pressure is clearly decreasing, and the current dominant trend leans more towards holding rather than distributing (selling).