BlockBeats News, June 24th. On-chain data shows that the Bitcoin long-term holders (commonly known as "OG") who have held their coins for over five years have recently seen a sharp decrease in selling activity to the lowest level in nearly two years. According to CryptoQuant data, the 90-day average Bitcoin spent by these veteran investors has dropped to 962 coins, the lowest level since November 2024, breaking below the 1,000 coin threshold for the first time.

This change is significant. Since the start of this bull run in early 2023, the OG group has seen unprecedented selling pressure in Bitcoin's history. Peaks of large-scale selling occurred in May 2024, February 2025, and September 2025, with daily sell-offs exceeding 142,000 coins at one point, significantly suppressing the price. This selling pressure was considered one of the key reasons why Bitcoin struggled to sustain its rally after breaking $100,000 last year.

A CryptoQuant analyst pointed out that the current slowdown in selling during this bull run is not a coincidence. With Bitcoin's price at around $63,000, it is close to the breakeven point for the OG group who may have bought the most expensive chips five years ago. Holding rather than selling has become the rational choice, indicating a substantial weakening of the significant selling pressure that previously suppressed the price.

Meanwhile, the net outflows of spot ETFs have significantly narrowed in the past two weeks, resonating with the OG's slowed selling. Multiple contra-indicators are pointing towards a potential market bottom. At the time of writing, Bitcoin is priced at around $62,776, remaining relatively stable over the past 24 hours.