The recent surge in profit-taking by Bitcoin’s long-term holders has reached unprecedented levels, with realized gains hitting $1.7 billion daily. Analysts indicate that as long as OGs (original holders) continue selling, Bitcoin may struggle to find upward momentum.

Analyst James Check noted, “The ongoing sell-side pressure from Bitcoin holders remains underestimated, acting as a significant resistance factor at present.”

A chart shared by Check illustrated a rising trend in the average age of spent coins, signifying a shift in selling behavior towards long-term holders. Another analysis revealed that while profits surged to nearly $1.7 billion a day, losses climbed to about $430 million, marking one of the highest records this cycle.

The revived supply from older coins also peaked at $2.9 billion daily.

OGs Taking Profits

Investor Will Clemente remarked on the shift of Bitcoin supply from OGs to traditional finance (TradFi), stating, “This change will soon be a non-issue as attention turns to Bitcoin’s diminished performance.”

Meanwhile, Mike Novogratz, CEO of Galaxy Digital, pointed out that recent sales mainly came from longtime holders seeking to invest in new assets, such as luxury items. He mentioned, “People are adjusting their portfolios after a successful run, leading to notable trade turnover in the market.”

Market Stability

Bitcoin’s performance remained stable with a weekly closing price at $108,700. Market experts suggest that maintaining this support level could facilitate a price increase to $120,000 or more in the future. As of now, it has retaken the $110,000 mark, although significant resistance looms just above this point.

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