Nearly four out of every five Bitcoin in existence are now sitting in wallets that haven’t moved them in a long time. K33 Research published findings on June 15 showing that long-term holders control 79% of BTC’s circulating supply, a record that has never been reached before.
The numbers behind the hoarding
The 79% figure is striking on its own, but the supporting data makes the picture even clearer. K33 found that only 218,421 BTC, coins that had been dormant for at least two years, were reactivated as of June 6, 2026. That is the lowest level of old-coin movement since 2012.
For context, consider where things stood two years ago. By the same date in June 2024, roughly 1.18 million BTC had been reactivated during what K33 describes as a prior distribution phase. The contrast is enormous: old hands were dumping coins in 2024. Now they are sitting on them.
The decline in reactivation has been accompanied by trading volumes and ETF outflows falling to their lowest levels of the year.
