Bitcoin Stuck at $80,000 as OG Holders Sell Their Bags

Bitcoin's recent price action has investors on edge as the asset hovers around the $80,000 region without making a definitive move. This consolidation period has introduced doubt in every investor, even OGs (seasoned holders who have kept their assets for more than five years), according to Darkfost, a senior market analyst.

Data from CryptoQuant shows that Bitcoin OG Spent Transaction Outputs (STXO) using the 90-day moving average have significantly spiked, reaching 1,500 Bitcoin. This indicates that OGs are selling their bags, which could suggest weakened conviction as $BTC reaches new local highs.

The recent Coldcard hack may also be contributing to the move, with investors switching to private wallets. However, the Spot market is holding strong, with growing accumulation across the spot market showing major buying of the asset.