Why Is Bitcoin Selling Pressure Easing? Last Seen in 2024

Selling pressure from long-term Bitcoin holders who have maintained their assets for at least five years has significantly decreased alongside recent price movements.

The crypto market’s legendary investors, known as “OGs” (Original Gangsters), have gone quiet after a prolonged period of profit-taking. According to CryptoQuant data, the 90-day moving average of assets spent by these experienced entities dropped to 962 Bitcoin (BTC), reaching the lowest point since November 2024.

Last year, when the Bitcoin price rose above the $100,000 level, this group executed one of the most aggressive sell-offs in history. By hitting the sell button with every price increase, long-term investors created a significant supply surplus in the market. However, current data shows that these veteran investors now prefer to hold their assets rather than offload them.

Why Is Bitcoin Selling Pressure Easing?

Analysts state that this slowdown is no coincidence and that price levels around $63,000 could be a “breakeven” point for assets acquired five years ago. Much like veteran players making strategic moves at a table, Bitcoin investors are choosing to hold their cards rather than take risks at current levels. This means that the massive selling pressure that capped gains above $100,000 last year has vanished.

This weakening on the sell side aligns with other indicators signaling that the market may have bottomed out. In particular, the slowdown in spot ETF outflows over the past two weeks stands out as another factor supporting market optimism. At the time of writing, Bitcoin (BTC) is trading around the $62,750 level, continuing its sideways trend.