[Analysis] "Sharp drop in Bitcoin OG activity…a sign of easing sell pressure"

On-chain activity by early Bitcoin (BTC) investors has recently fallen sharply.

Darkfost, a CryptoQuant contributor, said via CryptoQuant on the 15th (local time) that "in this cycle, the size of Bitcoin OGs’ 'Unspent Transaction Outputs (UTXO)' far exceeded the level observed in the previous cycle," adding that "as the cycle progressed, the amount of OG selling seen around local peak zones gradually declined." UTXO refers to cryptocurrency created in a previous transaction but not yet spent.

He also cited the on-chain metric 'Spent Transaction Outputs (STXO)'. Darkfost noted that "the 90-day average based on recent STXO peaked at around 2,300 BTC and then fell rapidly," adding that "(STXO) is currently moving around roughly 1,000 BTC." He continued, "this means OG investors’ selling pace is slowing," and said, "the OG sell flow that exerted strong pressure on the market has clearly eased, and the prevailing trend now appears closer to 'holding.'"