CryptoQuant contributor Darkfost analyzed, "On-chain activity among early investors (OGs) who have held Bitcoin for more than 5 years has recently increased significantly." He added, "The recent sideways movement in the market seems to have increased uncertainty even for long-term Bitcoin holders, leading to increased on-chain activity among them. However, such BTC movements do not necessarily mean selling. It is possible that some of the holdings were moved to a safer storage method due to issues such as the Coldcard hacking incident."
