Bitcoin OGs Spent Record Amount on Chain in Recent Months

Bitcoin OGs have increased their spending activity in recent months, moving an average of 1,500 BTC within a 90-day period. This is a significant jump from the May level, which saw approximately half that amount moved.

The cohort in question consists of investors who have held onto their Bitcoin for more than five years, with some having kept their coins untouched since as far back as 2014.

According to Darkfost, a CryptoQuant analyst, the increased activity is partly linked to unease caused by Bitcoin's recent price consolidation. Even seasoned investors appear to be moving their coins, although the data does not confirm whether these transactions are sales or simply reorganizations of their holdings.

The Coldcard security incident in August may also have contributed to the surge in wallet activity, with some owners migrating their funds to safer storage and others potentially draining vulnerable wallets.