Bitcoin (BTC) long-term holders have released unprecedented supply in 2024-2025, surpassing all previous market cycles including the euphoric peaks of 2017 and 2021, according to CryptoQuant onchain data.
The analytics platform tracked coins dormant for more than two years - a cohort typically resistant to short-term volatility.
Annual revived supply from this group reached historical highs during the past two years, exceeding volumes seen when Bitcoin topped $20,000 in 2017 and $69,000 in 2021.
What Happened
CryptoQuant contributor Kripto Mevsimi examined "revived supply" metrics showing coins held for 2+ years entering circulation.
The data reveals a pattern distinct from previous cycles.
During 2017 and 2021, dormant Bitcoin moved alongside sharp price spikes and speculative capital inflows.
The current distribution involves "significantly older coins" with lower overall market noise, according to the analysis.
This suggests holders are reassessing exposure rather than reacting to short-term price action.
The selling began when Bitcoin passed $40,000 and has continued through current levels around $90,000.
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Why It Matters
The scale and nature of long-term holder distribution points to a structural market shift beyond typical price cycles.
Early Bitcoin holders - historically focused on halving cycles and long-term scarcity - appear to be transferring supply to participants more driven by price, macroeconomic factors, and liquidity considerations.
CryptoQuant's research indicates Bitcoin may be undergoing both a price cycle and an ownership transition.
Early 2026 data shows revived long-term supply has moderated compared to 2024-2025 peaks, but no clear reversal has emerged yet.
Whether this represents temporary exhaustion or the start of new accumulation will become clearer as the year progresses.
The trend challenges assumptions about Bitcoin's traditional four-year cycles and raises questions about how institutional adoption has altered holder behavior patterns.
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