On-chain data indicates that early Bitcoin whales have significantly slowed their selling rate in the current cycle. An analysis suggests that the behavior of this group, which previously sold coins, is increasingly shifting towards holding.
Darkfost, an analyst at the cryptocurrency data platform CryptoQuant, observed a notable decrease in on-chain activity from whales, defined as Bitcoin wallets inactive for over five years. Darkfost stated that, in comparison to the previous cycle, the amount of UTXO spent by these long-term investors has dropped from abnormally high levels.
The analysis further highlighted that the current market cycle presented an almost "perfect" selling window for early whales. The entry of substantial institutional funds into the market, and even the emergence of state-level buyers, theoretically created a strong opportunity for them to sell. However, as the cycle has progressed, the selling behavior exhibited by these "OG" whales at Bitcoin's cyclical peaks appears to have steadily diminished.
This trend is also clearly discernible in the STXO (Short Term Spent Trading Output) indicators. While the 90-day moving average of the STXO peak was approximately 2,300 BTC, this value has rapidly declined and is currently fluctuating around 1,000 BTC. This reduction signifies a substantial slowdown in the selling pace of early-stage Bitcoin whales.