Bitcoin Sees Largest Long-Term Holder Supply Release in History

The current Bitcoin market cycle may be about more than price action. 

According to CryptoQuant author Kripto Mevsimi, on-chain data shows that 2024 and 2025 recorded the largest release of long-term Bitcoin supply in the asset’s history.

The analysis focuses on “revived supply,” meaning Bitcoin that remained untouched for more than two years before moving. These coins typically belong to long-term holders and tend to move only during major market shifts, not short-term price swings.

Notably, the amount of revived supply in this cycle is larger than that observed in the 2017 and 2021 bull markets.

Not a Typical Bull Market Pattern

Unlike past cycles, when long-term Bitcoin supply moved amid heavy speculation and strong price rallies, the current revival is unfolding under different conditions.

Kripto Mevsimi notes that this supply is moving with less market hype and involves a significant number of older coins. This suggests the activity is not driven by short-term traders but by long-term holders reassessing their Bitcoin positions.

From an on-chain perspective, this makes the current cycle structurally different from previous market peaks.

Long-Term Holders Reassess, New Buyers Step In

The data suggests Bitcoin ownership is gradually shifting. Early holders, who focused on halvings, self-custody, and long-term scarcity, are selling to a new group of buyers.

These new participants are more driven by price action, macroeconomic conditions, and liquidity than by long-term ideology. As a result, Bitcoin’s supply dynamics are changing, altering how future market cycles unfold.

Early 2026 Shows Moderation, Not a Full Reversal

While revived long-term supply has cooled slightly in early 2026 compared to the peaks in 2024–2025, the trend has not fully reversed. Kripto Mevsimi cautions that it is still too early to determine whether this slowdown signals temporary exhaustion or the beginning of a new accumulation phase.

More clarity should emerge as the year progresses and on-chain activity evolves.

This analysis comes at a time when Bitcoin’s price continues to struggle, particularly amid macroeconomic pressure. BTC is trading at $88,800, down 1.15% over the past day. The weakness has persisted since October, when Bitcoin peaked at $126,200 and has since declined by more than 30%.

Global Risk Weighs on Bitcoin Price

According to XWIN Research, Bitcoin’s recent declines are largely driven by rising global macroeconomic risk rather than crypto-specific weakness. The firm links the downturn to U.S. tariff pressures under President Trump, which have weighed on investor risk appetite since 2025.

XWIN notes that tariffs can hurt corporate earnings, raise inflation uncertainty, and tighten monetary expectations—conditions that typically prompt investors to reduce exposure to risk assets. As a result, Bitcoin has fallen alongside equities during periods of elevated trade tension.