Bitcoin long-term holder selling in 2024–2025 hits record levels without repeating 2017 or 2021 cycles

Onchain data from 2024 and 2025 shows that Bitcoin long-term holders with coins dormant for at least two years have revived more supply than in any prior cycle. Analysts note that this wave of selling, which intensified once BTC passed $40,000 and continues into early 2026, differs from the 2017 and 2021 bull markets because it involves significantly older coins and less speculative momentum. They suggest Bitcoin may be entering a new phase marked by a shift in who holds BTC and for what reasons.