Bitcoin rose above $97,000 for the first time since mid-November, as long-term holders are now selling more slowly.
According to on-chain analytics platform CryptoQuant, OG Bitcoin activity has dropped sharply, suggesting that this class of Bitcoin holders has slowed down its selling.
Bitcoin OGs refer to early adopters or investors, and in this scenario, CryptoQuant classifies them as holders whose coins have been dormant for more than five years. This includes Bitcoin whales from the Satoshi era, which refers to the period between 2010 and 2011, when Bitcoin’s pseudonymous creator Satoshi Nakamoto was still active in the crypto community.
Initially, a seven-year threshold was used, but Bitcoin’s relatively young age (having launched in January 2009) makes five years a more reliable benchmark when comparing cycles.
According to CryptoQuant analysis, UTXOs spent by OG holders have declined. Bitcoin OGs have been extremely active during this cycle, CryptoQuant noted, with the amount of UTXOs spent significantly exceeding that of the previous cycle.
Bitcoin’s rise to six figures, reaching an all-time high above $126,000 last October and boosted by BTC institutional adoption, offered Bitcoin OGs a perfect window to sell in this cycle.
However, as the cycle progressed, 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 is now around 1,000 BTC.
Bitcoin hits two-month high
Bitcoin surged past $95,000, reaching a two-month high of $97,963 on Wednesday. Bitcoin extended a four-day rise from Sunday’s low of $90,109 on Wednesday, reaching an intraday high of $97,162 before declining.
On-chain analytics platform Santiment stated that, in the last three days, there has been a net drop of 47,244 holders, indicating that retail had been dropping out due to FUD and impatience. The Bitcoin price bounce is also supported by a seven-month low in BTC supply on exchanges.
The next target for Bitcoin is now at $100,000, given the rise past $95,000, a level that limited prices for much of the past two months, with less selling pressure from Bitcoin OGs supporting the case for a continued rally.
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