OG Bitcoin Holders Flock to Sell as Price Teases $80K

Bitcoin's recent price action has been closely watched by investors, and it appears that some long-term holders may be taking profits. According to data from CryptoQuant, OG Bitcoin holders have significantly increased their spending activity, with a spike in spent transaction outputs (STXO) using the 90-day moving average reaching 1,500 BTC.

These OGs are investors who have held onto their assets for more than five years and are considered to be a reliable indicator of market sentiment. When they sell, it can signal a shift in investor confidence.

The recent rally that pushed Bitcoin's price above $80,000 may have introduced some doubt among even the most seasoned investors, according to Darkfost, a pseudonymous senior market analyst.