Bitcoin has surpassed the $97,000 mark for the first time since mid-November, as long-term investors are reducing their selling activity.
Data from CryptoQuant, a platform specializing in on-chain analytics, reveals a significant decline in transactions by veteran Bitcoin holders. This trend indicates that these early adopters are holding onto their assets rather than offloading them.
The term “Bitcoin OGs” refers to original investors or early participants who have held their coins without movement for over five years. This group includes some of the earliest Bitcoin whales dating back to the Satoshi era—between 2010 and 2011—when Bitcoin’s mysterious creator, Satoshi Nakamoto, was actively involved in the community.
While initially a seven-year inactivity period was used to define OG holders, given Bitcoin’s relatively recent inception in January 2009, a five-year threshold now provides a more accurate comparison across market cycles.
Activity among OG Bitcoin holders has sharply decreased.
“This implies that these long-term holders have slowed down their selling… The dominant trend appears to be shifting towards accumulation rather than distribution.” – By @Darkfost_Coc pic.twitter.com/Ds6NRnpJpm
— CryptoQuant.com (@cryptoquant_com) January 15, 2026
CryptoQuant’s analysis shows that unspent transaction outputs (UTXOs) moved by OG holders have dropped noticeably. Despite high activity earlier this cycle—with spending surpassing previous levels—the pace of sales from these key players is now diminishing.
The surge of Bitcoin past six figures last October—with an all-time peak above $126,000 fueled by growing institutional interest—created an ideal opportunity for OG investors to liquidate portions of their holdings during this cycle.
Nevertheless, as time passed within this market phase, sales from these veteran holders at local price peaks steadily declined. The most recent short-term spent output (STXO) average hit around 2,300 BTC over 90 days but has since fallen dramatically to approximately 1,000 BTC on average.
Bitcoin Reaches Highest Level in Two Months
This Wednesday saw Bitcoin climb beyond $95K again and touch an intraday high near $97,963—the highest point it’s reached in two months. After starting its four-day upward streak at Sunday’s low of about $90K ($90,109), it peaked intraday before experiencing some pullback later on Wednesday.
Santiment’s on-chain data highlights that roughly 47 thousand retail investors exited positions over three days recently—a reaction likely driven by fear and uncertainty (FUD). Meanwhile,BTC‘s supply available on exchanges dropped to its lowest level in seven months supporting price recovery efforts.
The next major milestone for Bitcoin is poised at $100K following its breakthrough above resistance near $95K—a barrier which constrained prices throughout much of the last two months. Reduced selling pressure from seasoned OG owners strengthens optimism around continued upward momentum moving forward.