Bitcoin investors are shifting to the HODL preference.

Recently, a notable development has emerged in the Bitcoin (BTC) market. Even the oldest Bitcoin investors have significantly reduced their selling speed, which may provide important clues about the market direction. Particularly, an ongoing discussion about the sales of old wallets has resurfaced, and the latest on-chain data clearly illustrates the current situation.

In an analysis conducted by a CryptoQuant analyst, it has been observed that the expenditures of investors who have been inactive for more than 5 years have sharply declined. This situation indicates that sales have been replaced by a stronger HODL (holding) tendency. Research based on the 90-day moving average from UTXO (Unspent Transaction Outputs) measurements further clarifies this situation.

UTXOs are the fundamental mechanism that prevents the double spending of the same Bitcoin and play a critical role in understanding investor behavior. During the Bitcoin bull market, OGs (original investors) were very active. The amount of UTXOs spent rose to significant levels, surpassing even previous bull cycles. During this process, the entrance of institutional investors into the market and state-supported purchases created a strong selling opportunity for older investors. However, as the cycle progressed, OG sales, observed at local peaks, began to decrease steadily.

For instance, at the most recent major STXO peak, the 90-day average was approximately 2,300 BTC, while this figure has declined over time to around 1,000 BTC. According to the CryptoQuant analyst, this decline indicates a clear reduction in OG selling pressure. The withdrawal of this group, which has historically had a significant impact on prices, shows that the supply side in the markets has relaxed.

The current trend reveals that Bitcoin's old owners are taking positions in favor of holding rather than distributing. This data is evaluated as a strong signal that the balance regarding the Bitcoin price may reshape in the upcoming period. During this time when selling pressure is weakening for investors, closely monitoring market developments and tracking critical price levels will be an important strategy.