Key Highlights
- Bitcoin recently broke above $97,000, its highest level in two months; it is currently trading at $95,477.
- Long-term holders, or “OGs,” are selling less, with STXO averages dropping from 2,300 BTC to around 1,000 BTC, easing market selling pressure.
- Retail investors are retreating, with 47,000 holders exiting recently, while institutional players and whales dominate market activity.
- CryptoQuant CEO Ki Young Ju notes that long-term institutions have disrupted the old whale-retail sell cycle, and capital inflows have largely dried up.
Bitcoin has been rising consistently, recently breaking above $97,000, which is its highest level in two months. One major reason for the change is the reduced selling activity on the part of the long-term holders, commonly referred to as “OGs.” These are the investors who have held their Bitcoin holdings for over five years and some of the earliest investors of the Satoshi era (2010 and 2011).
According to CryptoQuant analysis, OGs moved far more UTXOs (unspent transaction outputs) than in the previous cycle. UTXOs are the mechanism that ensures Bitcoin can only be spent once, recording the date, address, and amount.
Initially in the cycle, the market presented OGs with the perfect platform to sell off, especially due to institutional buying and government involvement.
However, CryptoQuant analysis now shows that OG selling during local price tops has steadily declined. The last peak of STXO (spent transaction outputs over a period, smoothed using a 90-day average) reached around 2,300 BTC.
Today, this average has dropped to roughly 1,000 BTC, signaling that these long-term holders are slowing down their sales. The market is seeing less of the heavy selling pressure that OGs once exerted, and more coins are being held rather than distributed.
Retail pulls back, big players drive Bitcoin
Retail investors seem to be stepping aside. According to data analytics firm Santiment, the market has seen a net loss of around 47,000 investors in the past three days, as many sell due to fear, impatience, or uncertainty.
Much of this capital has shifted to traditional assets like stocks, gold, and silver, which have been outperforming cryptocurrencies.
With retail pulling back, institutional investors, corporate treasuries, and whales are now driving the market. According to CryptoQuant CEO Ki Young Ju, retail activity is average, so bigger players are leading the action.
Recently, Ju highlighted a major shift in the Bitcoin market, saying that capital inflows have largely dried up and liquidity is now more diversified, making timing less relevant. Long-term institutional holders have disrupted the old whale-retail sell cycle, and MicroStrategy (MSTR) is unlikely to sell any significant portion of its 673,000 BTC.
He also added, “Money just rotated to stocks and shiny rocks. I don’t think we’ll see a -50%+ crash from ATH like past bear markets. Just boring sideways for the next few months. Shorting here hoping for a nuke? Good luck with that.”
This represents a paradigm shift in the market dynamics since institutional investors are now long-term accumulators rather than continuing the traditional cycle of retail panic that led to extreme market fluctuations.
Bitcoin price trajectory
Bitcoin’s price has been slowly recovering from around $90,000 earlier this month. Analysts say the next big milestone is $100,000, a key psychological level that has often acted as resistance.
With less selling from long-term holders and fewer coins on exchanges, the market could keep rising. However, short-term ups and downs are still possible if retail traders jump back in. Overall, the trend looks bullish, but the rise may be gradual rather than sudden.
The Bitcoin Fear and Greed Index has leaped to 61, reflecting growing optimism. However, analysts do warn that the market could still remain in a calm, sideways pattern before any dramatic rally takes hold.
Put simply, CryptoQuant analysis reveals that Bitcoin’s recent strength is being powered by long-term measured accumulation from the long-term holder and institutional players, rather than retail hype.
With OG selling reduced, fewer coins available on exchanges, and steady demand from whales, Bitcoin is primed for a possible push toward the $100,000 milestone.
Meanwhile, at the time of writing, Bitcoin was trading at $95,600, with a 24 hour market cap of $48.13B, as per data from CoinMarketCap. Its all-time high of $126,198 was reached on October 7, 2025, marking a decline of about 24% from that peak.
Also Read: Bitcoin Eyes $100K as Crypto Market Triggers Short Squeeze
