According to Darkfost, the 90-day moving average of spent UTXOs from Bitcoin addresses holding coins for over 5 years has reached 1,500 BTC, doubling from May levels. The consolidation period is causing uncertainty across all investor types, including long-term holders. However, these transfers may not represent selling; some could be related to the Coldcard incident as users move funds to safer storage.
Data from blockchain analyst Darkfost shows the 90-day moving average of spent UTXOs from Bitcoin wallets that have held coins for over five years has risen to 1,500 BTC, twice the level seen in May. That jump in activity from long-term holders, often called the "OG" cohort, is showing up during a long consolidation stretch in the Bitcoin market. Sideways price action has fueled doubt across every investor group, even the most seasoned participants. But Darkfost warns that not all of these transactions amount to outright selling. Some may be tied to the Coldcard incident, with users moving Bitcoin into more secure storage solutions.
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