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

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

But the reality is not so.

The STXO indicator clearly illustrates 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 dumping, and market pressure was immense. So what happened? Now, this number has been halved, hovering around 1,000 BTC.

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