Darkfost2026-01-14

OG Bitcoin activity has dropped sharply

This chart shows UTXOs spent by OG holders, smoothed using a 90 day moving average to reduce noise. Here, OGs are defined as holders whose coins have been dormant for more than 5 years. I initially used a 7 year threshold, but Bitcoin’s relatively young age makes 5 years a more reliable benchmark when comparing cycles. For those less familiar, UTXOs are the mechanism that ensures a BTC can only be spent once. Each transaction records the date, address, amount, and other valuable pieces of information. OGs have been extremely active during this cycle. The amount of UTXOs they spent largely exceeded what we saw during the previous cycle. It’s also worth noting that this cycle offered them a perfect window to sell, fueled by the arrival of major institutional players and even government buyers entering the market. As the cycle progresses, OG selling during local tops has been steadily declining. The last STXO peak reached a 90 day average of around 2,300 BTC. Since then, this average has dropped significantly and now fluctuates around 1,000 BTC. This suggests that OGs have also slowed down their selling. Their selling pressure, which can sometimes be massive, has clearly decreased, and the prevailing trend now seems to lean more toward holding rather than distribution.