Bitcoin's original investors have dramatically reduced their selling activity to the lowest levels in nearly two years, a development that traders are interpreting as a bullish signal for the market. The 90-day moving average of coins spent by these long-term holders, known as 'OGs' or 'Original Gangsters,' has dropped to just 962 BTC—the weakest spending pace since November 2024, according to data from CryptoQuant.

Market Context

Bitcoin changed hands near $62,750 at press time, largely unchanged on a 24-hour basis. The cryptocurrency has been trading in a tighter range compared to the volatile swings seen during its peak above $100,000 last year. The reduction in OG selling comes as spot ETF outflows have also slowed over the past two weeks, suggesting that multiple sources of sell-side pressure are easing simultaneously.

Analysis

The timing of this slowdown is not coincidental, according to CryptoQuant analysts. Bitcoin's current price level around $63,000 appears to represent the 'break-even' point for the most expensive coins these long-term holders could have purchased roughly five years ago. By choosing to hold rather than sell at these levels, the OGs are effectively removing a significant source of selling pressure that had capped BTC's gains above $100,000 during the previous bullish cycle.

To understand why this matters, analysts point to the spending patterns of these original investors over the past two years. The bull cycle that began in early 2023 actually saw the most aggressive OG selling in bitcoin's history, with long-term holders hitting the 'sell' button in massive waves every time prices surged. This pattern created enormous peaks in May 2024, February 2025, and September 2025.

An original investor moving coins after holding them for half a decade is almost always a sign of impending liquidation or profit-taking. During the peak of the bullish cycle, single-day sell-offs sometimes exceeded 142,000 BTC, sending shockwaves through the market. But that aggressive selling behavior has now gone quiet.

"Today, the 90-day average of BTC spent by these OGs has dropped below 1,000, sitting at 962, its lowest level since November 2024. At current prices, these investors are choosing to continue holding rather than sell, thereby contributing to the easing of selling pressure," CryptoQuant's analyst noted in a post on X.

Key Numbers

- 962 BTC: Current 90-day moving average of coins spent by long-term holders—lowest since November 2024

- $62,750: Bitcoin's approximate trading price at time of publication

- 142,000+ BTC: Peak single-day sell-offs during the most intense periods of OG profit-taking

- Three major selling peaks occurred in May 2024, February 2025, and September 2025

- Two weeks: Duration of slowing spot ETF outflows

What to Watch

Traders should monitor whether bitcoin can establish a structural floor near the $62,000-$63,000 range. If OG selling remains subdued and ETF outflows continue to ease, the cryptocurrency could find room to climb higher. Conversely, any resumption of long-term holder spending could reintroduce significant sell-side pressure. Key resistance levels above include the psychological $70,000 mark and the all-time highs above $100,000 that capped gains during previous cycles.