Bitcoin has been consolidating around the $80,000 level without a definitive breakout. Original holders (OG) have significantly increased their spending activity, with their Spent Transaction Outputs spiking to 1,500 BTC, signaling a potential weakening of long-term conviction. The Long-Term Holder Binary Coin Days Destroyed metric dropped from 0.85 to 0.14 since August 25, indicating reduced selling pressure from these investors. The spot market remains strong with $2.81 billion in accumulation recorded in early September, partially offsetting the selling pressure from OGs.
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