Bitcoin OG Selling Translates to Institutional Buying
The recent selling by Bitcoin OGs and old miners is essentially a handover to U.S. traditional financial institutions and spot Bitcoin ETFs, according to CryptoQuant founder Ki Young Ju. In a post on X, he argued that the apparent sell pressure is not a bearish top signal but rather a rotation of holdings from early adopters to new institutional players. These OGs typically refer to holders who entered before 2013, while old miners control sizable coins mined in Bitcoin’s early years.
Ju refuted the notion that Bitcoin cannot sustain an uptrend due to lack of liquidity, asserting that the long-term value of an asset depends on who holds it. He believes that institutional investors now forming a demand base may prove stickier than previous retail-dominated positions. While this shift may dilute some of Bitcoin’s original cypherpunk decentralization ethos, Ju remains bullish on the next rally. He advises investors to stay patient and not be swayed by short-term noise, as he expects another upward move will come.