Bitcoin (BTC) rebounded 6% over the past week, recovering somewhat from two consecutive weeks of double-digit losses to hover around the $65,000 region, with research and brokerage firm K33 pointing to a new all-time high in long-term holders as a sign that the bear market may be nearing an end.
In K33's latest market report, Head of Research Vetle Lunde said a defining feature of the 2024-25 cycle was the large volume of older coins being reactivated and likely sold as prices reached record highs, whereas 2026 has seen exceptionally low reactivation of coins aged two years or more, with only 218,421 BTC reactivated by June 6, indicative of much weaker onchain selling pressure.
"The only year to experience lower reactivation of old supply by June 6 was 2012, when only 70,600 BTC aged 2 years or more had been reactivated by that date," Lunde said. "In contrast, 1.18m BTC had been reactivated by June 6, 2024, highlighting the stark difference in onchain selling pressure in 2026 compared to the past two years."
Revived bitcoin supply aged more than 2 years. Image: K33.
The decline in old coin activity suggests long-term holders are less motivated to sell and patient participants are steadily absorbing supply, providing another sign that the bear market may be coming to an end, Lunde said. "Supporting this view, 79% of BTC's circulating supply is now held by long-term holders, a new all-time high that reflects continued accumulation and the gradual shift toward a more constructive market environment."
