CryptoQuant analyst Darkfost stated that the on-chain activity of Bitcoin OG whales (holders who have held coins for more than 5 years without moving them) has significantly decreased. In this cycle, the activity of OGs was unusually high. The number of UTXOs they spent significantly exceeded the level of the previous cycle. It is also worth noting that this cycle provided Bitcoin OG whales with an almost perfect selling window: large institutional funds entered the market, and even government-level buyers entered the market.
As the cycle progresses, Bitcoin OG whales are continuously reducing their selling behavior at periodic highs. The 90-day moving average of the most recent STXO high was approximately 2,300 $BTC, but since then, the average has fallen sharply and is currently fluctuating around 1,000 BTC. This indicates that the selling pace of Bitcoin OG whales has also slowed down. Their highly impactful selling pressure is significantly decreasing, and the current dominant trend is more inclined towards holding rather than distribution (selling).[ChainCatcher]