bitcoin has fallen back below the $100,000 level over the past day as on-chain data shows that OG whales have been waking up.
bitcoin OGs Have Transferred Massive Amounts Recently
in a new <a target="_blank" href="https://x.com/jjcmoreno/status/1864682645524828227″ target=”_blank” rel=”noopener nofollow”>mail In
Basically, this metric tracks the total number of coins that investors who have held for 10 years or more have been moving on the btc blockchain over the last month. Below is the chart of the indicator shared by the analyst.
<img decoding="async" class="alignnone aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/12/Bitcoin-falls-below-100000-as-OGs-wake-up-to-profit.jpeg" alt="Spending on bitcoin coins older than 10 years” width=”1600″ height=”900″/>
The value of the metric appears to have been pretty high in recent days | Source: <a target="_blank" href="https://x.com/jjcmoreno/status/1864682645524828227/photo/1" target="_blank" rel="noopener nofollow">@jjcmoreno on x
As you can see from the chart, investors over 10 years have moved a large number of coins as the rally in the price of the cryptocurrency occurred over the last month.
Statistically, the longer investors hold their coins, the less likely they are to sell them at any time. This probability of not selling becomes significant after 155 days, so investors who manage to hold for longer than this period are called “long-term holders” (LTH).
Naturally, even among LTHs, any investor's resolve only strengthens as the age of their coins increases. In the context of the current topic, the LTHs of relevance are those with tokens over ten years old, old entities even by the group's standards.
While these investors are certainly very old, it is difficult to say if they are actually determined. This may seem counterintuitive given the above fact, but it is also a statistical truth that coins that are more than 7 years old are more likely to have gotten there through loss than through HODLing.
A token is said to be “lost” when its wallet becomes inaccessible, either through forgetting or misplacing its keys. Many of these coins will never re-enter circulating supply, but some could eventually be rediscovered.
A portion of the investors who have been spending the old coins in the last rally may have simply found an old stash of their or someone else's coins, so they may never have willingly participated in any HODLing.
The remaining sellers, however, may actually be the most resolute diamond hands, holding since 2014 or earlier. It seems these HODLers are happy enough with the $100,000 goal to finally be willing to part with their coins.
In total, the 30-day cumulative spending of more than 10-year-old coins almost hit the $1 billion mark just before the asset's latest pullback. Given the timing, it's possible that this sale had some role to play in this drop.
btc Price
At the time of writing, bitcoin is trading at around $97,700, down more than 5% in the last 24 hours.
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Looks like the price of the coin has retraced from its latest high | Source: BTCUSDT on TradingView
Dall-E Featured Image, CryptoQuant.com, TradingView.com Chart
