Bitcoin OG holders increase chain activity amid market consolidation

Huo Xing Cai Jing reports that on September 5, CryptoQuant analyst Darkfost posted that on-chain activity among Bitcoin long-term holders (OGs) has recently intensified. During this current market consolidation phase, the 90-day moving average of spent UTXOs by investors holding BTC for over five years has risen to approximately 1,500 BTC. During May of this year, the average amount of BTC transferred by this group via UTXOs was only about half of the current level. In other words, over the past three months, Bitcoin long-term holders with more than five years of holding have been moving their BTC more frequently. This suggests that the ongoing market consolidation may be increasing uncertainty among different types of investors, even prompting early Bitcoin holders who have weathered multiple market cycles to adjust their on-chain asset allocations. However, the transfer of BTC by OG holders does not necessarily indicate concentrated selling. Some funds may simply be moved to other wallets or more secure storage environments—for instance, recent events related to Coldcard may have prompted some holders to proactively adjust their BTC storage methods. Therefore, current on-chain data primarily reflects increased activity among OGs and cannot be used alone to determine their specific buying or selling intentions.