As bitcoin cools off from the latest rally, BTC sitting in wallets belonging to long-term holders has begun to move again. This raises the question of whether these moves are profit-taking by this investor cohort or merely strategic reallocation for further price appreciation.

Data from the market research and intelligence firm Glassnode shows that the rise in spending has driven the aggregate volume from the one-year to 5-year cohorts to $4.02 billion. This is the highest level since February.

Bitcoin OGs Are Spending Again

According to Glassnode, this is the fifth-largest one-year to five-year spending spike of this bull cycle. This surge is driven by older Bitcoin holders – investors who have held their coins for three to five years.

Since the beginning of this bull run, older Bitcoin holders have recorded massive volumes after each BTC rally. The investors have spent significant amounts of BTC in March, October, November 2024, and February 2025.

The largest spending so far this cycle occurred in October 2024, with $9.25 billion led by the one- to two-year cohort. The second and third largest were in March 2024 and February 2025, $6.11 billion and $5.42 billion, respectively, led by the two-year to three-year cohort. The fourth-largest was recorded in November 2024, $4.39 billion, driven by the three-year to five-year cohort.

The three-year to five-year Bitcoin holder cohort is once again leading the latest spending spike with $2.16 billion. Glassnode noted that this is their second-largest outflow of the cycle, following an approximately $6 billion outflow in March 2024. On the other hand, the two-year to three-year and one-year to two-year cohorts have spent about $1.41 billion and $450 million, respectively, this time.

Consolidation or Deeper Correction?

Although it remains unclear whether OG wallets are waking up to collect profits or reallocate their holdings, BTC has been in a correction mode over the last six days. The cryptocurrency has slipped more than 4% from its recent all-time high of $111,970, according to data from CoinMarketCap.

At the time of writing, BTC was worth around $107,540, with a 3% weekly decline and a 1.2% 24-hour drop.

If reallocation is the goal of older Bitcoin holders, then BTC may consolidate some more in the coming days. However, if they are taking profits, then the asset could record a deeper correction, possibly slipping below $106,000.