Bitcoin veterans have frozen sales: what this means for the market
The cryptocurrency market is witnessing a notable shift in the behavior of long-term Bitcoin holders—so-called OGs, or veterans, who have held assets for over five years. According to the latest data, these major participants have virtually stopped selling their holdings, fundamentally altering the balance of power in the market.
Record Calm Among Long-Term Holders
Analysis of on-chain metrics shows that the 90-day moving average of spent coin volume among this group has dropped to 962 BTC. This is the lowest level since November 2024. For comparison, in May 2024, the average stood at 3,860 BTC, in February 2025 at 3,200 BTC, and in September 2025 at 2,360 BTC. However, it is important to note that on certain days, movement volumes reached tens of thousands of coins. Now, activity has fallen to a level indicating that veterans prefer to hold rather than lock in profits.
Historically, the current market cycle has seen the largest sell-off of coins by OGs ever. The peak purchase price for this group's assets was around $63,200, which nearly matches current quotes. This explains their reluctance to sell—they are near the breakeven point.
Declining Seller Pressure and a Technical Signal
The drop in activity among long-term investors removes an important factor of excess supply. Now, Bitcoin's price depends more on short-term demand and trader positions in the derivatives market. This calm can be seen as a moderately positive signal, either heralding a period of consolidation or the continuation of the current trend.
Notably, this coincides with another rare technical factor. For the first time in three years, Bitcoin's price has approached the lower support boundary of the Power Law model. Previously, such touches occurred only during deep bear markets. The convergence of these two factors—reduced selling by veterans and a move toward historically strong support—looks extremely promising.
My expert conclusion: The behavior of OGs is a classic "smart money" signal. They are not locking in losses at the breakeven level and are not rushing to sell, expecting higher prices. This creates a solid foundation for further growth, especially in combination with technical support. The market is likely preparing for a new impulse, and the current calm is merely the calm before the storm.