Hi,
The PCF2129 has a backup battery input pin and backup battery switch-over circuit which monitors the main power supply. The backup battery switch-over circuit automatically switches to the backup battery when a power failure condition is detected.
The power management functions are controlled by the control bits PWRMNG[2:0] (see Table 19) in register Control_3 (see Table 11).
I’m assuming that for your system, you have the default setting for these bits, which are ‘00’ and means that battery switch-over function is enabled in standard mode; and battery low detection function is enabled.
When battery switch-over function is set in standard mode, the power failure condition happens when VDD < VBAT AND VDD < Vth(sw)bat
Vth(sw)bat is the battery switch threshold voltage which is 2.5 V.
The mentioned above seem to be happened in the image you sent, but does not totally explain why the OSF is being set, my theory is that the battery switchover is being seen as a power-on event fort the PCF2129, which as you can see in section 8.6 of the datasheet, causes an OSF flag set. Try to clear it (OSF set logic 0) by command after the oscillator starts running and is stable after this power-on. If OSF gets back to ‘0’, then you can continue using it without a problem.
Regards,
Jose