Bitcoin OG activity doubles as 1,500 BTC moves

Bitcoin holders whose coins have stayed unspent for over five years have increased their on‑chain activity, with the 90‑day moving average of spent outputs reaching roughly 1,500 BTC—double the level recorded in May.

Activity metrics and recent trends

CryptoQuant analyst Darkfost defines the cohort as wallets that had not moved funds for at least five years before a recent transaction. The 90‑day moving average of spent outputs for this group is now about 1,500 BTC, which is 56% higher than the 962 BTC reported on June 24. Earlier peaks in activity occurred in May 2024, February 2025, and September 2025, when daily movements exceeded 10,000 BTC, 30,000 BTC, and 142,000 BTC respectively.

Price context

At the time of reporting, Bitcoin traded near $79,600, down about 1.8% over 24 hours after fluctuating between $78,723 and $81,370. The price has struggled to sustain a clear move above $80,000 amid ongoing consolidation.

What spent UTXOs indicate

A spent UTXO records that a previously unspent output was used as an input in a new transaction. Movement alone does not reveal the purpose—coins may be sent to an exchange, consolidated, transferred to a new custodian, or moved for security upgrades. Darkfost cautioned that the 1,500 BTC average should not be interpreted as confirmed selling.

Coldcard security incident impact

A firmware flaw in Coldcard hardware wallets exposed seed phrases, prompting many users to migrate funds to new seeds. K33 Research observed nearly 890,000 BTC moved over a seven‑day period in early August, the highest seven‑day active supply in 2026. Some of this activity likely reflects owners of long‑dormant wallets moving coins for security reasons, which inflates spending metrics without changing ownership.

Implications for U.S. investors

The incident has renewed discussion about custody options. Direct Bitcoin holders must manage seeds and wallet security, while spot Bitcoin ETFs allow exposure without private‑key responsibility. Bloomberg Intelligence noted that the Coldcard losses may strengthen the case for ETFs, though no direct flow data links the incident to ETF demand.