Glassnode’s latest on-chain metrics show the narrative of a broad “OG” whale sell-off is incomplete. According to the HODL Waves visualization, coins held for 7–10 years now represent over 8.1% of bitcoin’s circulating supply — their largest share since 2019 — while the 10+ year cohort controls roughly 17% and has steadily grown.
The HODL Waves tool breaks bitcoin supply into age bands based on when coins last moved; each colored band represents the share of supply in that time window. That makes it easier to separate activity by a handful of large, old wallets from broader distribution across many holders.
By contrast, holders in the 5–7 year band — many who accumulated during the 2019–2020 period when bitcoin traded near $3,000 — have seen their share drop from about 10% at the start of 2023 to roughly 5% today, indicating steady profit-taking among mid-term investors.
High-profile on-chain movements, such as Galaxy facilitating an ~80,000 BTC transaction and bitcoin crossing $100,000 within the past year, have fueled the idea that long-dormant “OG” coins are being dumped. Those transactions do affect liquidity, but Glassnode’s cohort data suggests older supply is, on balance, accumulating faster than it’s being spent.
Why this matters: when very long-term holders consolidate or re-accumulate, available market supply can tighten and that may support price stability. At the same time, distribution from 5–7 year holders shows profit-taking remains active — the net picture is mixed rather than dominated by a single trend.
Market note: on-chain metrics offer a useful lens into supply dynamics but are not definitive price predictors. Use them alongside other analysis and be mindful of risks, including large over-the-counter trades, macro liquidity moves, and regulatory developments before making investment decisions.
Source: CoinDesk. Read the original coverage for full details.