TLDR
Selling by long term Bitcoin (BTC) holders is near its lowest level in about two years, easing one major source of sell pressure.
- On chain data shows OG holders, who have held BTC for more than five years, cut their spending to a 90 day average of about 962 BTC, the lowest since late 2024.
- This slowdown in OG selling, combined with lower derivatives leverage and moderating ETF outflows, points to a healthier supply side even while BTC trades near 62,000 to 63,000 dollars.
- Short term risk remains from exchange inflows and macro headwinds, so levels around 60,000 dollars and ETF flow trends are key to watch.
Deep Dive
1. OG Selling Metrics
Analytics firm CryptoQuant reports that multi year Bitcoin holders have reduced their spending to a 90 day average of 962 BTC, the lowest level since November 2024, according to several summaries of its data on long term holders and spent transaction outputs, including one that notes multi year Bitcoin holder selling falls to a 19 month low.
These OG wallets, defined as holding coins for more than five years, previously saw three major selling waves, with 90 day averages of 3,860 BTC in May 2024, 3,200 BTC in February 2025, and 2,360 BTC in September 2025. Some individual days saw tens of thousands of BTC move.
Crypto.news likewise notes that OG selling has dropped below 1,000 BTC on a 90 day basis, describing OG selling hitting a two year low as Bitcoin trades around the low 60,000s.
Long term holders are moving far less BTC than they did during prior profit taking spikes, which historically reduces persistent sell pressure.
2. Impact On Bitcoin Supply
Several outlets tie this OG behavior to an easing of overall sell pressure. A BeInCrypto based analysis notes that the current cycle saw record OG selling, but now highlights three market signs selling pressure may be losing strength:
- OG selling falling to the current 962 BTC 90 day average.
- Bitcoin derivatives open interest dropping from about 25.96 billion dollars to 20.89 billion dollars, indicating deleveraging rather than fresh shorting.
- Spot Bitcoin ETF outflows shrinking from roughly 1.72 billion dollars in early June to about 226.84 million dollars by mid June.
At the same time, market data shows Bitcoin around 62,773.31 dollars with a market cap near 1.26 trillion dollars and 24 hour volume of 24.5 billion dollars, meaning price is consolidating while structural sell side pressure softens.
The combination of OGs holding, less leverage, and slowing ETF outflows points to a more stable supply backdrop, even if price has not yet turned decisively higher.
3. Risks And What To Watch
Despite the OG improvement, risks remain. Crypto.news notes that Binance inflows have roughly doubled since mid April, suggesting ongoing panic selling by shorter term holders near the 60,000 dollar support band.
Analysts highlight a large cluster of on chain volume between 60,000 and 63,000 dollars, with warnings that a break below about 60,000 dollars could open room toward lower zones if demand weakens further. Macro factors such as a stronger US dollar and rates expectations also still weigh on risk assets.
Key signals to monitor include ETF flows turning positive, continued low OG selling, derivatives open interest staying contained, and whether daily closes reclaim levels well above 63,000 dollars.
The structural floor looks stronger, but near term price can still break lower if newer holders and macro conditions add fresh sell pressure.
Conclusion
OG Bitcoin holders cutting selling to near a two year low removes one of the biggest persistent sources of supply, which is supportive for the medium term structure.
However, with BTC still around the low 60,000s and shorter term holders plus macro factors driving volatility, the path from reduced sell pressure to a sustained uptrend depends on demand returning through ETF inflows, spot buying, and a friendlier macro backdrop.
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