Bloomberg: Long-term Bitcoin holders have sold approximately $14 billion worth of their holdings.

According to K33 Research and CryptoQuant, BTC has fallen nearly 30% in the two months since breaking its all-time high of $126,000. On-chain data shows that the supply of BTC held for at least two years has decreased by 1.6 million coins since the beginning of 2023, worth approximately $14 billion, indicating that early holders are cashing out at the fastest pace in recent years. Since 2025, nearly $30 billion worth of BTC that had been dormant for over a year has re-entered circulation. In the past 30 days, the distribution to long-term holders has reached one of the highest levels in five years. K33 Research points out that approximately 20% of the BTC supply has been reactivated in the past two years. With deepening institutional consolidation, the selling pressure from early holders is expected to subside in 2026. (Bloomberg)