Emre Yumlu 
The crypto market has been facing a challenging phase in recent weeks, and analysts suggest that the main reason behind this weakness lies in long-term Bitcoin holders — often referred to as “OGs” — taking profits. On-chain data indicates that these seasoned investors have started moving their older coins back into circulation, with realized profits surging to nearly $1.7 billion per day.
Long-Term Holders Are Taking Profits
According to analyst James Check, the current stagnation in the crypto market has little to do with manipulation, “paper Bitcoin,” or external suppression. Instead, he attributes the slowdown to what he calls “good old-fashioned selling” by long-time investors.
Check emphasized that the extent of this sell-side pressure remains underappreciated, yet it continues to act as a strong source of resistance for Bitcoin’s price. He pointed to on-chain data showing that the average age of spent coins has been increasing throughout this market cycle — clear evidence that long-term holders are the ones offloading their positions.
Additional data supports this trend: daily realized gains have climbed to $1.7 billion, while realized losses reached around $430 million, marking the third-highest level of the current cycle. Meanwhile, the “revived supply” — a metric tracking the movement of older, previously dormant coins — spiked to $2.9 billion per day, its second-highest level in this market phase.
Bitcoin OGs Are Cashing Out
Crypto analyst Will Clemente noted that Bitcoin’s relative weakness over the past year has largely been a result of supply moving from early adopters (OGs) to traditional financial players (TradFi). According to him, this dynamic is temporary and will likely fade in significance over the coming years as the market matures.
Echoing this sentiment, Galaxy Digital CEO Mike Novogratz commented that many early Bitcoin investors are finally taking profits after years of holding. “There are a lot of people in the Bitcoin world who’ve been in for so long and finally decided they want to buy something tangible,” he explained, referring to friends who have purchased yachts or even stakes in sports teams. Novogratz described this phase as a “healthy rotation” — a natural part of the market cycle following a long period of gains.
Bitcoin Maintains Key Support Levels
Despite the selling pressure, Bitcoin managed to close the week holding a critical support level at $108,700, according to TradingView data. Analyst Rekt Capital highlighted the importance of maintaining this range, suggesting that “if Bitcoin continues to stabilize here, the price could gradually climb beyond $120,000 in the coming weeks.”
At the time of writing, Bitcoin had reclaimed the $110,000 zone, though analysts caution that the next resistance level sits just above this range. For now, a sustained recovery seems unlikely until the wave of profit-taking from long-term holders subsides — but once it does, a new Bitcoin rally could be just around the corner.
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