Older Bitcoin Holders Present Indicators of Promoting Exhaustion – What Does This Imply?

Just a few days in the past, analysts on the market analysis and intelligence agency Glassnode found that older Bitcoin holders have been main the sell-off that triggered BTC’s correction. At the moment, it seems that this investor cohort is exhibiting indicators of promoting exhaustion.

Contemplating historic knowledge, this improvement is a optimistic one for bitcoin’s value trajectory within the coming weeks.

OG Bitcoin Holders Lead Spending Spike

In accordance with a tweet by Glassnode, the three-year to five-year Bitcoin holder cohort is experiencing a slowdown of their BTC gross sales. This comes after they resumed promoting in April, depleting their provide share by a notable share.

CryptoPotato reported final week that Bitcoin buyers holding the digital asset for a 12 months to 5 years recorded a spike of their spending, bringing their combination quantity to $4.02 billion. There are three age cohorts on this investor group, comprising one- to two-year, two- to three-year, and three- to five-year holders.

These buyers have spent notable quantities of BTC every time the cryptocurrency rallied in March, October, November 2024, and February 2025. The spending spike recorded this time is the fifth-largest on this bull cycle, and it has been led by the three-year to five-year age cohort with $2.16 billion. Glassnode talked about that this determine marked their second-largest outflow of the cycle, following $6 billion recorded in March 2024.

Older Traders Present Exhaustion Indicators

Extra data now offered by Glassnode reveals that the three-to-five-year cohort reached an all-time excessive (ATH) of 15.7% in provide on November 9, 2024. Such ranges had not been seen since March 2017.

This investor cohort started promoting quickly after hitting the ATH, paused for a while, and resumed once more in April 2025. At the moment, their provide share stands at 11.9%, considerably above the cycle low of roughly 3%, suggesting a pause in gross sales.

Glassnode states that this represents a major overhang and that this group, which nonetheless controls a big share of wealth, tends to promote into energy. Which means regardless that the three-year to five-year cohort is exhibiting indicators of promoting exhaustion, they’re more likely to promote when BTC hits larger costs, particularly with their provide share nonetheless hovering round 12%.

As older Bitcoin holders are at the moment refraining from taking earnings, BTC is more likely to witness its subsequent leg up quickly. Nevertheless, as they take earnings throughout rallies, BTC will face vital resistance through the subsequent surge.