Bitcoin OG slowing down cashing out? 90-day UTXO data reveals the true movements of holders

【Blockchain Rhythm】On-chain analyst Darkfost recently released observation data. By studying the 90-day moving average of UTXO dynamics for Bitcoin long-term holders (over 5 years), an interesting market signal has been identified.

According to the analysis, this cycle has opened a window of opportunity for Bitcoin OGs—the influx of institutional funds and government buyers has given them ample reason to take action. But the second half of the story is even more worth noting: as the cycle progresses, the selling pace of OGs has clearly slowed down.

Looking at the data specifically, the last time the STXO indicator peaked, the 90-day average was about 2,300 BTC. From that high point to now, this number has more than halved, and it is now stable around 1,000 BTC. In other words, the selling pressure from long-term holders in the market is rapidly cooling.

What does this reflect? Simply put, the huge selling demand that once weighed on OGs has eased. They are no longer in a rush to sell. The current pace is shifting from “dispersed distribution” to “steady holding,” which may imply their attitude towards the future market—less eager to exit.