CryptoQuant analyst on June 23 posted on X the latest on-chain data showing that the 90-day average spending volume of Bitcoin long-term holders (OG investors) who have held coins for more than 5 years has dropped to 962 coins, breaking below the 1,000 coin mark, the lowest level since November 2024. The analyst said that this group of investors chose to continue holding rather than selling at Bitcoin's price level of around $62,500.
CryptoQuant Data: OG Investors' 90-Day Average Selling Volume Drops to 962 Coins
CryptoQuant tracks long-term holder movements through the "Spent Transaction Outputs" (STXO) indicator — when an OG investor who has held coins for more than 5 years starts to transfer assets, this indicator records the corresponding fund flow, usually signaling preparation to sell or take profits.
The 90-day average volume dropping to 962 coins means that over the past three months, the average daily transfer volume of this group of holders has been significantly lower than previous selling peaks. The three peaks occurred in May 2024, February 2025, and September 2025; last year when Bitcoin broke strongly above $100,000, this group's selling momentum was particularly fierce, with daily selling volume surpassing 142,000 Bitcoins during the bull market peak.
Analyst: $62,500 Price Level Near Break-Even Point for Some High-Cost Holders
CryptoQuant analysts explain the background of the cooling selling pressure: Bitcoin's current price of around $62,500 is close to the break-even point for some OG investors who entered the market 5 years ago with the "most expensive batch of coins." For long-term holders with higher costs, the current price lacks sufficient profit-taking incentive. The analyst pointed out that this group of investors choosing to continue holding effectively removes part of the massive selling pressure that suppressed Bitcoin's breakout above $100,000 last year.
Bitcoin Spot ETF Net Outflows Have Slowed in the Past Two Weeks
Over the past two weeks, net outflows from Bitcoin spot ETFs have slowed, another observable market signal of waning selling pressure aside from the cooling of OG investor selling. As of writing, Bitcoin is trading around $62,500, with no significant price change in the past 24 hours, and the market is relatively stable.
Frequently Asked Questions
What indicator does CryptoQuant use to track Bitcoin OG investor selling volume?
CryptoQuant uses the "Spent Transaction Outputs" (STXO) indicator to track long-term holder movements. When an OG investor who has held Bitcoin for more than 5 years starts to transfer assets, this indicator records the corresponding fund flow. CryptoQuant uses a 90-day moving average to calculate the average spending volume of this group, judging trends rather than daily fluctuations.
When did the three main selling peaks of Bitcoin long-term holders occur?
According to CryptoQuant data, the selling peaks for Bitcoin long-term holders holding for more than 5 years occurred in May 2024, February 2025, and September 2025, as well as last year's bull market peak when Bitcoin broke $100,000, with daily selling volume surpassing 142,000 coins.
How big is the gap between the current 90-day average selling volume of 962 coins and the historical peak?
The current 90-day average spending volume of 962 coins, compared to the extreme value of over 142,000 coins in a single day during the bull market peak, is a difference of more than 140 times; compared to the highest level since November 2024, it has also dropped significantly, making it a recent low in CryptoQuant's tracking.
