ChainCatcher reported that crypto research firm K33 said the supply of Bitcoin held by long-term holders has reached a new all-time high. According to K33, the data indicates that the bear market may be nearing its end, as patient market participants continue to absorb Bitcoin supply.
Old-coin reactivation remains subdued
K33 said activity involving the reactivation of old coins has been notably weak in 2026. As of June 6, only 218,421 Bitcoin had been reactivated, a figure the firm said shows that on-chain selling pressure has declined sharply.
The contrast with the previous cycle data is significant in K33’s view. By the same point in 2024, 1,180,000 Bitcoin had already been reactivated. K33 said the drop in old-coin activity reflects a lower willingness to sell among long-term holders. With long-term holder supply at a record level and old-coin movement far below the comparable 2024 period, the firm described the current structure as one in which patient participants are continuing to absorb available supply.