Long-term Bitcoin Holders Stabilize Sales Records: What's Changing in the Market

The Bitcoin market is undergoing a major long-term transformation, marked by record outflows of coins from old investors’ wallets. According to CryptoQuant analyses, long-term Bitcoin holders are reevaluating their market exposures, leading to unprecedented selling activity in recent price cycles. This long-term trend, reported by Cointelegraph, signals more than just a rebalancing of positions – it indicates a potential fundamental shift in Bitcoin ownership structure.

Dormant Coins Rebound: On-Chain Data Reveals Change

Blockchain data analysis shows a massive increase in unspent transaction outputs (UTXOs) representing Bitcoin held for over two years. Since the beginning of 2024, coin supply has reached record levels, suggesting that investors who have held Bitcoin inactive through multiple cycles are now recovering their positions.

Crypto community contributor Kripto Mevsimi documented that 2024 and 2025 have generated the highest annual reuse of supply in the history of long-term hodlers. These levels rival the dynamics observed at the end of the 2017 bull market, when Bitcoin hit $20,000. However, the current shift manifests with less media noise but involves significantly older coins, more deeply embedded in Bitcoin’s early history.

How 2024-2025 Differ from the 2017 Bull Market

The parallel with the previous cycle offers critical insights into understanding the current long-term phase. Like in 2017, we see a revival of long-term supply, but mechanisms and context are different. At that time, revenue reactivation coincided with massive media attention and widespread retail adoption.

Now, the long-term Bitcoin supply rebound occurs in a more sophisticated landscape, with more educated institutional and retail participants. Bitcoin’s underperformance compared to other major asset classes since Q4 2025 has raised questions about the validity of the four-year cycle models that have dominated market discourse.

CryptoQuant emphasizes that the behavior of long-term holder supply constitutes the clearest on-chain signal of this shift – not just a price adjustment, but a transformation in who owns Bitcoin and why they hold it.

Revitalized Long-Term Supply: Mixed Signals for 2026

Early 2026 data suggest a moderation in the reactivation rate compared to the peaks of 2024-2025, but the trend has not fully reversed. This raises a critical question: is this a temporary pause in sales or the beginning of a long-term accumulation phase?

With Bitcoin’s price at approximately $84,070 and a daily increase of 1.45%, the market oscillates between expectations of a potential decline and hope for continuity. Forecasts for 2026 suggest the possibility of a correction to significantly lower levels, with some participants arguing that the traditional four-year cycle may no longer be valid.

Long-Term Investment Dynamics Reconfigure

What we observe in the long term is not just a price fluctuation but a recalibration of investor motivations. Old holders who accumulated Bitcoin in the early phases of the project are making critical decisions – either taking profits after massive gains or reevaluating Bitcoin’s relevance in their portfolios amid a more complex crypto asset landscape.

The long-term behavior of these holders serves as a barometer for deeper change. If long-term supply reactivation continues into 2026, it could foreshadow a durable shift in ownership dynamics. Conversely, if sales stabilize, it might signal that the reevaluation cycle is complete and a new long-term accumulation phase is on the horizon.

CryptoQuant observations and Cointelegraph analyses confirm that Bitcoin is at a turning point – not just in price but in the fundamental structure of the long-term market.