Bitcoin Long-Term Holders Ramp Up Activity as BTC Consolidates

Highlights:

• Bitcoin holders with coins older than five years are moving more BTC than they did in May.
• Binance Bitcoin open interest has also climbed above $10 billion, its highest level in the past six months.
• Darkfost says Bitcoin still needs stronger spot buying to support a more lasting move higher.

Long-time Bitcoin holders are moving more BTC, while speculative activity on Binance is also rising. New CryptoQuant data shows older Bitcoin holders have become more active during the current market consolidation. At the same time, Binance Bitcoin open interest has climbed above $10 billion, its highest level in six months.

CryptoQuant contributor Darkfost shared the data in two posts on X on September 5. The activity picked up as Bitcoin recently retested its May high near $82,000. At press time, Bitcoin was trading at around $79,627, down 1.98% over the past 24 hours, according to CoinMarketCap.

Long-Time Bitcoin Holders Become More Active

Darkfost first pointed to growing activity among Bitcoin holders who have kept their BTC for more than five years. The 90-day moving average of spent UTXOs from this group has now reached about 1,500 BTC. In May, the average was roughly half that level.

🗞️ OG Bitcoin Holders Are on the Move

OG activity has intensified during this consolidation phase.

The 90-day moving average of spent UTXOs (STXO) from holders who have held BTC for more than 5 years just climbed to 1,500 BTC.

As a reminder, a UTXO (Unspent Transaction Output)… pic.twitter.com/8kXvJ06XKH

— Darkfost (@Darkfost_Coc) September 5, 2026

A UTXO, or Unspent Transaction Output, is part of Bitcoin’s transaction system. It helps track BTC that has not yet been spent and provides information about when coins were created and later moved. The latest data therefore shows that some of Bitcoin’s oldest holders are moving more coins than they were a few months ago.

Darkfost said:

“This consolidation period seems to have introduced some doubt across nearly every type of investor, even the most seasoned ones like the OGs.”

However, these Bitcoin movements should not automatically be treated as sales. Long-term holders can move BTC for several reasons, including transferring coins between wallets or improving security. Darkfost also said some of the activity may be linked to holders securing their Bitcoin following the Cold Card episode.

Binance Bitcoin Open Interest Climbs Above $10 Billion

Meanwhile, activity in the Bitcoin futures market has also increased. In his second September 5 post, Darkfost said Binance Bitcoin open interest jumped nearly 8% in 24 hours as BTC moved back toward $82,000. That pushed open interest above $10 billion, marking a six-month high.

Open interest tracks futures contracts that are still active. When it rises, it usually means more traders are opening positions or holding existing trades. Bitcoin’s higher price contributed to the increase in the dollar value of open positions. However, the data also shows that traders are adding new exposure.

Binance open interest measured in BTC has climbed to 125,830 BTC. Darkfost said this removes much of the effect caused by Bitcoin’s price increase and shows that futures participation is genuinely rising. Binance now accounts for more than 37% of total Bitcoin open interest, according to the analysis.

Spot Bitcoin Demand Still Needs to Strengthen

The sharp rise in futures activity could help Bitcoin move higher in the short term. However, Darkfost warned that futures speculation alone may not support a lasting rally.

He wrote:

“While these speculators can generate real demand in the futures market, capable of driving BTC sharply higher, these moves tend to be short-lived more often than not.”

For a stronger and more sustainable move, Darkfost said spot Bitcoin buyers also need to return. Spot investors buy Bitcoin directly instead of using futures contracts to bet on its price. For now, futures traders are becoming more aggressive, while some long-term holders are also moving their BTC. The next key signal will be whether stronger spot demand joins that activity and gives Bitcoin broader market support.