# BTC: Narrative Violation?

_Is it true that "OG Whales" and Long-Term Holders broke the cycle?_

November 26, 2025 • Michael Nadeau

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# BTC: Narrative Violation?

## Is it true that "OG Whales" and Long-Term Holders broke the cycle?

Michael Nadeau
 November 26, 2025

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 Back to the program.

 At The DeFi Report, we pride ourselves on our:

-  Understanding of the prevailing market narratives.

-  Use of data to determine if they are true or not.

 Now. The most common explanations for BTC’s recent price action generally fall into a few categories:

-  “Crypto native investors are front-running the four-year cycle.”

-  “OG’s are getting out.”

-  “It’s Bitcoin’s IPO moment.”

 But is there real evidence that long-term holders and OG whale addresses behaved *differently* this cycle?

 In this week’s report, we are on a truth-seeking mission to investigate that very question.

 Topics covered:

- [Change in Inactive Supply for Aged Holder Cohorts](#change-in-inactive-supply-for-aged-) 

- [Revived Supply Last Active 3+ Years](#revived-supply-last-active-3-years-)

- [Revived Supply Last Active 5+ Years](#revived-supply-last-active-5-years-)

- [Supply Held by Long-Term Holders Transferred to Exchanges](#supply-held-by-long-term-holders-tr)

***Disclaimer:**** Views expressed are the author’s personal views and should not be relied upon as investment advice. *

 Let’s go.

# Change in Inactive Supply for Aged Holder Cohorts

##### Total 3-10 Year Inactive Supply

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