Analysts track this using a metric called spent transaction output (STXO), which in simple terms tracks the movement of BTC on the blockchain. An OG moving coins after holding them for half a decade is almost always a sign of impending liquidation or profit.
During the peak of the bullish cycle, one-day sell-offs sometimes exceeded 142,000 BTC, sending shockwaves through the market.
But that is no longer the case.
The timing of this slowdown in OG sales is not a coincidence, according to analysts at CryptoQuant. Currently, bitcoin is trading around $63,000, which, as it turns out, could be the “break-even” point for the most expensive coins this group could possibly have bought five years ago, analysts at X explained.
By looking to hold at these levels, the OGs are effectively removing a massive source of selling pressure that limited BTC’s gains above $100,000 last year.
In other words, the pressure on the sell side is easing, just as some contrary indicators are warning of a bottom. Note that outflows from spot ETFs have also slowed over the past two weeks in a positive sign for the cryptocurrency.
At the time of writing, bitcoin was changing hands near $62,750, largely unchanged on a 24-hour basis.
