Bitcoin OGs Go Quiet as Long-Term Holder Supply Hits New High
The earliest investors in Bitcoin, often referred to as 'OGs' (original gangsters), have largely stopped selling their BTC holdings. According to data from Galaxy Digital's head of research Alex Thorn, dormant Bitcoin movement in Q2 2026 fell to its lowest level since Q3 2022. This shift is significant because it indicates that veterans who bought in during the early days of Bitcoin are no longer cashing out.
Thorn explained that dormant coin movement tracks Bitcoin that sat untouched for years before suddenly moving again, serving as a gauge of whether early holders are finally cashing out. The related metric, Coin Days Destroyed (CDD), adds weight to older coins, making it more significant when they move.
The data shows that the 2024-2025 period was a 'great distribution,' where OGs sold into strength and pocketed profits before stepping away. However, this trend abruptly slowed in 2026. Thorn's charts demonstrate the same pattern playing out across 2024 and 2025 as in the 2017 bull cycle.
Long-term holder supply reached a record high of 16.64 million BTC in July 2026, roughly 83% of all circulating Bitcoin. This means five out of every six BTC in existence hasn't moved in over five months. CryptoQuant CEO Ki Young Ju noted that Strategy (formerly MicroStrategy) and spot Bitcoin ETF buyers absorbed the coins that old whales were selling.
While this trend is positive for Bitcoin's structural outlook, it doesn't guarantee an instant price recovery. The market still needs a catalyst to translate tighter supply into higher prices. Watch the August price action around $68,000 closely, as a clean break above it with sustained volume would align with the improving supply data.