Bitcoin Long-Term Holder Selling Sets Records Amid Divergent 2026 Market Dynamics

Bitcoin long-term holders have sold record amounts of their holdings in 2024 and 2025, according to onchain analytics from CryptoQuant. The trend involves coins that have remained dormant for two years or more, with these sales outpacing previous bull market cycles.

The pattern is distinct from historical cycles like 2017 and 2021, which saw revived supply rise alongside strong price momentum and speculative inflows. This time, however, the revival is happening amid lower overall market noise and significantly older coins being liquidated.

CryptoQuant's analysis points to a reassessment of exposure by long-term holders since Bitcoin crossed the $40,000 threshold. Although the current trend has not yet reversed, data from early 2026 shows a moderation in the revival of long-term supply compared to the peaks of 2024–2025.

Why Is This Bull Market Different?

Bitcoin's bull market in 2024 and 2025 has seen a unique combination of record long-term holder sales and subdued market sentiment. Unlike the 2017 and 2021 cycles, where speculative buying and retail frenzy drove prices, this time institutional and long-term investors are adjusting their positions without the same level of public hype.

The revived supply from long-term holders suggests a shift in market dynamics. Instead of chasing speculative gains, these investors appear to be taking profits or rebalancing their portfolios. This behavior is consistent with a broader market transition, where Bitcoin's role is evolving from a speculative asset to a more institutional-grade investment.

How Is the Market Responding to the Trend?

Despite the record sales by long-term holders, Bitcoin has maintained its price above $90,000 as of January 22, 2026. However, ETF selling pressure has intensified, with spot Bitcoin ETFs experiencing outflows of over $700 million in recent days.