On-chain data reveals significant movement of long-dormant Bitcoin holdings from the 2021 market cycle, with two large transactions involving coins aged between 3 and 5 years. According to CryptoQuant community analyst Maartunn, the first transaction moved 539 BTC, while the second involved a larger sum of 1,566 BTC. These coins, purchased between January 2021 and January 2023, represent supply that has been silent since the previous bull market and subsequent bear market.
Maartunn noted that "dormant supply waking up is often a signal—either smart money rotating or early holders exiting." The movement of this older cohort, tracked by the "Spent Output Age Bands" metric, introduces potential new supply into the market. This activity coincides with a shift in demand dynamics, as CryptoQuant data shows short-term (30-day) "Apparent Demand Growth" drifting into negative territory, while the longer one-year series has rolled over from its 2024-2025 upswing.
On-chain analyst CryptoZeno linked the demand shift to the visible pickup in coin activity, suggesting that when older unspent outputs move, it often reflects repositioning by longer-term holders. This can change the market's supply picture, as increased effective supply through exchange deposits or OTC redistribution can make Bitcoin more sensitive to marginal selling pressure, moving beyond pure scarcity-driven price support.
Despite these mixed on-chain signals, accumulation by long-term holders continues to be a strong counter-trend. CryptoQuant data shows that "accumulation addresses"—wallets with no historical outflows, balances of at least 100 BTC, and long histories—now hold about 2.4 million BTC, valued near $218 billion. This marks a dramatic increase from the 540,000 BTC (worth roughly $8 billion) they held during the 2022 bear market lows, representing a 2,700% growth in dollar terms over three years. This gradual tightening of available liquidity can amplify price moves.
On the price front, Bitcoin recently broke a key technical level, pushing above a prior ceiling near the mid-$90,000s. Analyst Ted Pillows shared a chart showing Bitcoin trading near $95,033 on Binance, having broken out of a choppy trading range. Pillows stated that Bitcoin needs to "hold the breakout trendline," adding that a move to $100,000 "could happen this month." The breakout shifts the market view from range trading to potential trend continuation, with the $100,000 level as the next major psychological target.
In related exchange news, CryptoQuant's 2025 review highlighted Binance's dominant position. The exchange holds a combined $47.6 billion in USDT and USDC reserves, accounting for 72% of stablecoin holdings across the ten largest exchanges. Binance also led in spot trading volume with close to $7 trillion, representing 41% of the top 10 platforms' total, and a similar 42% share of futures trading volume.
