Spent volume of coins aged >5y — Spent-output volume of coins last moved over 5 years ago — long-dormant supply waking up
STXO from OG (>5y) tracks when Bitcoin supply becomes active: Spent volume of coins aged >5y. It is designed to distinguish fresh spending from the movement of long-dormant coins.
Large, persistent readings usually matter more than isolated spikes. Compare them with price and exchange flows to judge whether old supply is being distributed or simply reorganized.
A coin moving on-chain does not prove a sale. Internal transfers, custody changes and wallet maintenance can produce activity without a market transaction.