Analyst: Bitcoin long-term holders’ selling pressure drops to the lowest level since November 2024

CryptoQuant analyst DarkFost stated that data shows long-term Bitcoin holders (“OGs”)—those holding BTC for over five years—exhibited significant movement and potential selling activity during this cycle. The 90-day moving average of Spent Transaction Output (STXO) reached cyclical peaks in May 2024, February 2025, and September 2025. The indicator has now declined to 962 BTC—the lowest level since November 2024—suggesting these investors are increasingly inclined to hold amid current price levels, thereby easing market sell-side pressure.