Bitcoin Stalls as OG Holders Cash Out Profits, Says Analysts

These seasoned investors, often referred to as “OGs”, are gradually selling off their holdings, which create pressure that keeps the asset from moving higher.

James Check, an analyst, explained in an October 19 post on X that the slowdown is not being caused by complex market manipulation or hidden forces. Instead, it is because of the result of experienced holders choosing to sell.

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He noted that this ongoing selling has become a barrier to upward price movement. One of the indicators showing this trend is the average age of coins being spent, it has increased.

Investor Will Clemente pointed out that much of the past year has seen Bitcoin’s price movement from long-term holders to more traditional financial entities. He noted that while this transfer has contributed to recent weakness, it will not be a major concern in the future.

Galaxy Digital CEO Mike Novogratz, speaking in an interview, said many long-time Bitcoin investors are now choosing to enjoy the profits they have made.

According to Novogratz, these sales are not signs of panic but simply profit-taking after a long period of gains. He added that his firm has mostly seen selling from long-term holders and miners.

On October 16, investors started to take a more careful approach when looking at companies that hold Bitcoin on their balance sheets. What did David Bailey, CEO of KindlyMD, say? Read the full story.