K33: The supply of Bitcoin held by long-term holders has reached an all-time high, and the bear market may be nearing its end

Cryptocurrency research firm K33 stated that the supply of Bitcoin held by long-term holders has reached an all-time high, indicating that the bear market may be nearing its end. K33 noted that the activity of reactivating old coins in 2026 is significantly sluggish; as of June 6, only 218,421 Bitcoin have been reactivated, showing that on-chain selling pressure has greatly diminished. In contrast, during the same period in 2024, 1,180,000 Bitcoin had been reactivated. K33 believes that the decline in old coin activity indicates a reduced willingness to sell among long-term holders, and patient participants are continuously absorbing the supply.