Bitcoin long-term holders, or 'OGs' who have held coins for at least five years, have reduced their selling activity to the lowest level since November 2024, according to CryptoQuant. The 90-day moving average of coins spent by these holders dropped to 962 BTC, down from peaks exceeding 142,000 BTC during the 2024-2025 bull cycle. This easing of sell-side pressure coincides with Bitcoin trading near $63,000, which analysts identify as the approximate break-even point for the most expensive coins purchased five years ago. The slowdown in OG selling, combined with a recent deceleration in spot ETF outflows, suggests a potential structural floor for Bitcoin. At press time, BTC is at $62,750, relatively flat on the day.

Key facts

• OG spending 90-day average fell to 962 BTC, lowest since Nov 2024
• Previous selling peaks exceeded 142,000 BTC per day during 2024-2025 cycle
• $63,000 level is likely break-even for coins bought 5 years ago
• Spot ETF outflows have also slowed in the past two weeks

KeyAudit data perspective