OG Bitcoin holders are becoming more active: more BTC on the move

Long-term Bitcoin holders, also known as OGs, have been showing a bit more movement in recent days. On-chain data from CryptoQuant shows that the monthly average of Bitcoin moved through outputs older than five years has risen from roughly 800 BTC to 1,200 BTC. The Bitcoin price currently stands at $63.800, a slight decline of 0.3% over the past 24 hours.

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In short:

• OG Bitcoin holders are moving more BTC than a few weeks ago, from an average of 800 to 1,200 BTC per month.
• It concerns Bitcoin that has not moved for at least five years, which points to behaviour typical of early buyers.
• The shift is limited but notable enough to keep an eye on, according to the analyst.

What the data shows

The chart measures so-called STXOs, or spent transaction outputs, from wallets that had not conducted a transaction for more than five years. These are typically early Bitcoin buyers who have held their coins for a long time. When this group starts to move, it draws the attention of analysts because it says something about the confidence or willingness to sell of the most patient holders.

The monthly average for this group now stands at around 1,200 BTC, whereas it previously sat at roughly 800 BTC. The grey bars in the chart also show some outliers on individual days, particularly around late June and late July.

No panic, but a signal

Analyst Darkfost notes that the increase on its own is not large enough to qualify as a strong shift. Nevertheless, he finds the behaviour interesting enough to share. More OGs are currently selling and moving their Bitcoin, and that is something the market is watching.

Whether it concerns sales or internal transfers to other wallets cannot be directly inferred from the data. What is clear is that coins that had lain dormant for years are now starting to move. This could be a sign that early holders are taking profits at the current price, or simply updating their security. Either way, it is a data point worth following in the coming weeks.