The average Bitcoin spent by original holders, often called OGs, has dropped to its lowest point since November 2024, according to on-chain data from CryptoQuant. The 90-day moving average of spending from these long-term wallets fell below 1,000 BTC, reaching just 962 BTC as of June 23, 2026. This trend, highlighted by CryptoQuant analyst Darkfost and shared by Cointelegraph, indicates a significant reduction in selling pressure from veteran investors.
The decline suggests that early Bitcoin adopters are increasingly opting to hold rather than distribute their coins, even amidst mixed market signals. Data shows a notable shift in behavior: OG selling has slowed considerably compared to previous months, potentially removing a key source of supply-side pressure. Historically, such pullbacks in distribution have coincided with accumulation phases and strengthening market sentiment, often preceding upward price movements when demand remains robust.
Market participants view this as a bullish signal. Long-term holders are known for their deep understanding of Bitcoin's cycles, and their unwillingness to sell can reflect growing conviction in future value. While no single metric guarantees a price rally, the reduced flow of coins from older wallets could support price stability and contribute to a healthier market structure. The broader crypto market remains cautious, but analysts suggest that if accumulation accelerates, Bitcoin may be poised for its next major move.
