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According to Odaily, analyst Darkfost, based on the 90-day moving average chart of UTXO dynamics for bitcoin OG holders (those holding bitcoin for more than 5 years), concluded that this cycle has provided an excellent selling opportunity for bitcoin OG holders, thanks to the influx of major institutional investors and even government buyers. However, as the cycle progresses, OG sales from the peak period of the native market have been steadily declining. The last time STXO reached its peak, the 90-day average was about 2,300 BTC. Since then, this average has dropped significantly and is now fluctuating around 1,000 BTC. This indicates that OGs have also slowed down their distribution pace. Their previously immense selling pressure has clearly eased, and the current trend seems to favor holding rather than distributing.

On Wednesday, bitcoin broke through the key resistance level of $94,500, triggering a large number of liquidations and driving a significant surge in altcoin prices.