Long-term bitcoin holders have sold holdings worth approximately $14 billion

According to Odaily, citing monitoring by K33 Research and CryptoQuant, since Bitcoin surpassed its all-time high of $126,000, it has dropped nearly 30% within two months. On-chain data shows that the supply of Bitcoin held for at least two years has decreased by 1.6 million coins since early 2023, worth about $1.4 billion, indicating that early holders are cashing out at the fastest pace in recent years.

Since the beginning of 2025, nearly $3 billion worth of Bitcoin that had been dormant for over a year has re-entered circulation. In the past 30 days, the distribution volume by long-term holders reached one of the highest levels in five years. K33 Research pointed out that about 20% of Bitcoin supply has been reactivated over the past two years. As institutional integration deepens, it is expected that the selling pressure from early holders will subside by 2026.