Bitcoin OGs Are Moving Coins Again—Cashing Out or Playing 4D Chess?
Long-dormant Bitcoin wallets are suddenly active, sparking debate: is this a bull market profit grab or a calculated portfolio shift?
Subheader: The Great Bitcoin Shuffle
After years of diamond-handed HODLing, veteran BTC holders are finally spending—but whether they’re locking in gains or repositioning for the next cycle remains unclear. On-chain data shows movement not seen since the 2021 ATH frenzy.
Subheader: Wall Street Whisperers Hate This One Trick
While traditional finance scrambles to explain the activity, crypto natives know this dance: old hands often move before major volatility. Some call it foresight—others call it selling the news before the herd arrives.
Closing jab: Meanwhile, your financial advisor still thinks Bitcoin ’might be a bubble’ while quietly DCA-ing through their Grayscale account.
Bitcoin OGs Are Spending Again
According to Glassnode, this is the fifth-largest one-year to five-year spending spike of this bull cycle. This surge is driven by older bitcoin holders – investors who have held their coins for three to five years.
Since the beginning of this bull run, older Bitcoin holders have recorded massive volumes after each BTC rally. The investors have spent significant amounts of BTC in March, October, November 2024, and February 2025.
The largest spending so far this cycle occurred in October 2024, with $9.25 billion led by the one- to two-year cohort. The second and third largest were in March 2024 and February 2025, $6.11 billion and $5.42 billion, respectively, led by the two-year to three-year cohort. The fourth-largest was recorded in November 2024, $4.39 billion, driven by the three-year to five-year cohort.
The three-year to five-year Bitcoin holder cohort is once again leading the latest spending spike with $2.16 billion. Glassnode noted that this is their second-largest outflow of the cycle, following an approximately $6 billion outflow in March 2024. On the other hand, the two-year to three-year and one-year to two-year cohorts have spent about $1.41 billion and $450 million, respectively, this time.
Consolidation or Deeper Correction?
Although it remains unclear whether OG wallets are waking up to collect profits or reallocate their holdings, BTC has been in a correction mode over the last six days. The cryptocurrency has slipped more than 4% from its recent all-time high of $111,970, according to data from CoinMarketCap.
At the time of writing, BTC was worth around $107,540, with a 3% weekly decline and a 1.2% 24-hour drop.
If reallocation is the goal of older Bitcoin holders, then BTC may consolidate some more in the coming days. However, if they are taking profits, then the asset could record a deeper correction, possibly slipping below $106,000.
