Bitcoin OG Holders Ramp Up Spending as Prices Hover Near $80K

Bitcoin OG holders have been increasing their spending activity in recent times, with the 90-day average of spent unspent transaction outputs (UTXOs) from older holders reaching about 1,500 BTC as prices hovered near $80,000.

This represents a significant increase from the previous low point in June when the reading was just over 900 BTC. According to CryptoQuant analyst Darkfost, this rise in spending activity may be related to unease among holders, even those who have held through several market cycles.

However, it's essential to note that not all Bitcoin OG transfers signal selling. Some transactions could be related to security changes or moving coins to safer storage after the Coldcard incident, which exposed seed phrases generated by compromised hardware wallets.

The analyst warned that rising Bitcoin OG activity does not necessarily prove that holders are selling. This is because transfers can involve various reasons, such as changing custodians, combining outputs, or spreading funds across wallets.