On-chain analytics platform CryptoQuant has published new research revealing that Bitcoin long-term holders have been selling record amounts of "significantly older coins" over the past two years, with 2024 and 2025 marking the highest annual revived supply from this cohort in Bitcoin's history. The data shows a spike in unspent transaction outputs (UTXOs) involving BTC that had been dormant for two years or more since 2024.
CryptoQuant contributor Kripto Mevsimi emphasized that this trend is not a repeat of previous bull market cycles in 2017 or 2021. While those cycles saw revived supply rise alongside strong price momentum and speculative inflows, the current revival is happening with "lower overall market noise but significantly older coins." The data reveals both 2024 and 2025 rivaling the distribution seen at the end of the 2017 bull market, which concluded when BTC/USD topped $20,000.
The research indicates that long-term Bitcoin holders began "reassessing exposure" to the market after the price passed the $40,000 mark. Early 2026 data shows a moderation in revived long-term supply compared to the peaks of 2024–2025, but not a full reversal of the trend. Kripto Mevsimi noted that it remains unclear whether this represents temporary exhaustion or the start of a new accumulation phase.
This shift in holder behavior is occurring against a backdrop of Bitcoin's underperformance versus other major asset classes since Q4 2025, raising questions about how the coming year might diverge from previous four-year price cycles. Notably, 2026 is scheduled to be a bear market year according to historical patterns, with various forecasts predicting a return to levels far below the current price of approximately $90,000.
CryptoQuant concludes that Bitcoin is undergoing not only a price cycle but potentially a transition in who holds it and why. The movement of coins held by early adopters and long-time custodians—people who have historically weathered halving cycles and major market events—suggests a structural reallocation. This behavior, which contributed to sell pressure during the late-2025 correction, is slowly changing the composition of holders and could make the market more sensitive to institutional flows and global macro conditions rather than pure retail sentiment.
