According to on-chain trackers, a big wave of old Bitcoin has started moving 
after long dormancy. Coins that sat untouched for more than two years have 
been transferred in numbers larger than what was seen during past peaks in 
2017 and 2021. Related Reading: Bitcoin’s Sharp Reversal Leaves Over $800 
Million Liquidated In 1 Day CryptoQuant analyst Kripto Mevsimi said on-chain 
data shows that 2024 and 2025 marked the largest release of long-held Bitcoin 
supply ever recorded. He tracks “revived supply,” or coins that stayed dormant 
for more than two years before being moved. That kind of movement usually 
means deep-pocketed holders are changing their plans, not small traders 
chasing a quick gain. A Shift Without A Party Reports say this release of 
long-held supply arrived with little fanfare. There was no mass retail mania. 
Prices did not spike in a frenzy. Instead, the transfers came during a stretch 
when the market has been under steady pressure from broader financial stress. 
Some of those older coins were likely sold for profit. Some may have been 
moved for other reasons — custody upgrades, private trades, or to back 
financial products. On-chain signals show the coins moved, but they do not 
write the reasons on the blockchain. Long-Term Holders Change Course Based on 
reports from analysts tracking these flows, the pattern suggests a changing of 
the guard. Early adopters who held through multiple cycles and pointed to 
scarcity and self-control have been trimming positions. New buyers are 
appearing who watch price swings and macro headlines. Institutions, fresh 
large accounts, and price-driven traders are now shaping much of the market’s 
short-term activity. Global Risk Pressures Risk Assets Reports have linked 
recent weakness in Bitcoin to rising global risk. Research ties part of the 
pullback to tariff moves by US President Donald Trump, which have pushed 
investors away from risky assets. Tariffs can dent corporate profits, stir up 
inflation uncertainty, and change how the market views future rates — all of 
which hits sentiment. When big markets wobble, crypto often follows. That 
pressure helps explain why long-held coins moved without the usual hype. New 
Buyers Step Forward According To on-chain and price data, institutions and new 
“whales” are stepping into the gaps left by sellers. Bitcoin has been trading 
near the high $80k range, with recent figures around $89,140 as markets test 
demand. The old holders may have taken gains, but the market did not collapse. 
That shows there is still appetite, even if it is different from the past. 
Related Reading: Bitcoin Influencers Get Spotlight In X’s New ‘Starterpacks’ 
This cycle feels different because selling came without euphoria, and buying 
looks more tactical. That does not mean the story is over. The market might be 
shifting toward price-sensitive participants and outside financial forces. Or 
the recent calm could be a pause before fresh buying. Either way, these on- 
chain moves matter. They change where the coins sit, and that changes how 
future price swings may play out. Featured image from Unsplash, chart from 
TradingView

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