Bitcoin veterans are frozen: OG investor sales have dropped to their lowest level since November 2024
The Bitcoin market is experiencing a lull from the most experienced players. Investors holding coins for more than five years — so-called OGs, or industry veterans — have virtually stopped selling. Their activity has dropped to levels not seen since November 2024.
According to on-chain analytics, the 90-day moving average of the spent coin volume for this group has fallen to 962 BTC. This is a drop of more than three times compared to the profit-taking peaks observed in May 2024 (3,860 BTC), February 2025 (3,200 BTC), and September 2025 (2,360 BTC). Notably, on certain days, transfer volumes exceeded 10,000, 30,000, and even 142,000 BTC, highlighting the scale of previous sell-offs.
Why have veterans stopped selling?
The current situation indicates a shift in sentiment among long-term holders. The average purchase price for this cohort is around $63,200, which is nearly identical to current market quotes. At this level of profitability, veterans prefer to hold assets rather than lock in modest or zero profits. This drastically reduces seller pressure on the market.
The decline in OG investor activity removes an important factor of excess supply. Now, the price of Bitcoin depends more on short-term demand and trader positions in the derivatives market. This "lull" can be seen as a moderately positive signal, which may precede either a period of consolidation or a continuation of the current upward trend.
Technical signal: Return to the Power Law
Notably, the decline in sales coincides with a rare technical event. For the first time in three years, the price of Bitcoin has approached the lower support boundary of the Power Law model — a mathematical model describing the asset's long-term trajectory through logarithmic lines. Previously, touching this zone only occurred during a deep bear market.
My opinion: The coincidence of two factors — the halt in sales by the "oldest" holders and the price returning to historically strong support — looks very promising. Veterans do not want to sell at breakeven levels, and the price has found technical support. This creates a foundation for a potential reversal or, at the very least, market stabilization. However, investors should remember that in the short term, demand from new participants and institutions will remain the key driver.