1.6 million Bitcoins reactivated: Long-term holders' selling pressure approaching saturation

【Crypto World】Recently, there is an interesting data point—since last year, approximately 1.6 million Bitcoins have been reactivated, with a total value of about $138 billion. These are old coins that have been locked for over two years, and now they are suddenly moving. What does this indicate? It suggests that early holders are accelerating their sell-off.

Why is this happening? There are mainly two driving forces. One is that the US spot ETF has indeed attracted a lot of liquidity since its launch. The other is that institutional investors’ demand is heating up. In simple terms, some people are eager to cash out, while others are taking the opportunity to buy in—these two forces together have lowered the concentration of Bitcoin holdings.

However, there is a turning point worth noting. Data shows that about 20% of Bitcoin supply has been reactivated in the past two years, and K33’s analysis believes that the pressure for such large-scale selling is nearing a ceiling. In other words, most of the people wanting to sell have already done so, and the selling pressure may ease in the near future.

Another key time point to watch is late December. Institutional managers usually rebalance their portfolios at the end of the quarter around this time. Based on the pattern observed in late September, this time is also likely to trigger capital inflows. From a different perspective, if the peak of long-term holders’ selling has truly passed, the subsequent market momentum could start to rebuild upward.