Editor’s Note
This analysis highlights a significant shift in Bitcoin market dynamics, as long-term holders are selling at unprecedented levels, marking a distinct departure from previous bull cycles. The data suggests we are witnessing a critical transition phase within the current price cycle.
Long-term Bitcoin holders have set records with their sales over the past two years.
The selling behavior in this bull market distinguishes it from previous ones.
A price cycle and investor “transition” are currently underway.
A new study from on-chain analytics platform CryptoQuant confirmed the ongoing sales of “significantly older coins” in this bull market.
Outflows from unspent transaction outputs (UTXOs) related to BTC that had been inactive for two years or more have surged since 2024.
The data reveals that both 2024 and 2025 rival the distribution observed at the end of the previous bull market in 2017, which ended when the BTC/USD pair surpassed $20,000.
CryptoQuant argued that Bitcoin’s long-term holders are now “reassessing their exposure” to the market, and have been doing so since the price crossed the $40,000 mark.
As reported by Cointelegraph, long-term holders bringing long-dormant coins to market have become a major talking point in recent months.
Bitcoin’s underperformance against other major asset classes since Q4 2025 has, in turn, raised questions about how the coming year might differ from previous price cycles.
Notably, 2026 is forecast to be a bear market year, with various predictions pointing to a return to levels well below the current $90,000.
The validity of the four-year price cycle is also under debate among market participants.
