Recent on-chain data has provided an interesting signal. Those Bitcoin OGs who entered during the mining era are changing their distribution pace.

Speaking of this bull market, it indeed provided an excellent window for these people to exit. Institutional funds flocked in, and even government-level buyers entered the market, creating unprecedented demand. Logically, this is the best time to sell.

But the reality is not so.

The STXO indicator clearly shows the issue. When the 90-day moving average peaked about half a year ago, it was roughly 2,300 BTC in daily distribution. At that time, many were indeed dumping, and market pressure was immense. What was the result? Now, this number has been halved, hovering around 1,000 BTC.

Can you feel what’s happening? OGs have hit the brakes. The overwhelming selling pressure has eased significantly. Their attitude has clearly changed—rather than rushing to cash out, they prefer to hold and see. Shifting from distribution to accumulation, this is no small matter.