Bloomberg: Long-term Bitcoin holders have sold positions worth approximately $14 billion

According to K33 Research and CryptoQuant monitoring, Bitcoin has dropped nearly 30% within two months since breaking the historical high of $126,000. On-chain data shows that the supply of Bitcoin held for at least two years has decreased by 1.6 million since the beginning of 2023, worth about $14 billion, indicating that early holders are cashing out at the fastest rate in recent years.

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