According to TechFlow, citing The Block on June 17, K33’s latest report said Bitcoin has rebounded by about 6% over the past week after two consecutive weeks of sharp declines. The asset is currently hovering near the $65,000 level. K33 placed the price recovery alongside on-chain holding behavior, with particular attention on the amount of older Bitcoin that has returned to activity.
Reactivated coins older than two years remain limited
K33 said that, as of June 6, only 218,400 coins older than two years had been reactivated in 2026. The report noted that this figure is significantly lower than the levels recorded during the same periods in the previous two years, indicating weaker on-chain selling pressure. In this context, reactivated old coins refer to Bitcoin that had remained unmoved for a long period before being transferred again. A lower level of such activity points to limited selling from holders who have kept their coins dormant for extended periods.
Long-term holders now control 79% of supply
The report also said long-term holders currently hold 79% of Bitcoin’s circulating supply, marking a new all-time high for that share. K33 said this reflects a decline in holders’ willingness to sell and suggests that market conditions are gradually becoming more stable. The firm also said the bear market may be nearing its end, tying that view to the rising share of supply held by long-term holders, the low level of old-coin reactivation, and Bitcoin’s roughly 6% rebound over the past week.
However, the on-chain signals highlighted by K33 have not led all institutions to confirm that the market has entered a sustained reversal. Wintermute, Glassnode and Bitfinex continued to caution that ETF flows, stablecoin growth and institutional demand are still not sufficient to confirm a lasting market turnaround. As a result, the K33 report’s long-term holder data and the capital-flow and demand conditions cited by those institutions form two separate reference points in the current discussion around Bitcoin’s market structure.