Old Bitcoin Moves: Long-Term Holders Shift Strategy Amid Market Pressure

According to on-chain trackers and analysis from CryptoQuant analyst Kripto Mevsimi, a historic wave of old Bitcoin has broken its dormancy. The metric in focus is “revived supply”—coins that remained completely stationary for more than two years before being moved. The scale of this movement in 2024 and 2025 has surpassed anything witnessed during the market euphoria of 2017 and 2021. This is not the behavior of small-time traders chasing momentum; the movement of such deeply held coins typically indicates actions by deep-pocketed, long-term holders fundamentally altering their plans.

What makes this shift particularly notable is its lack of fanfare. As reports indicate, this massive release of long-held supply arrived without a corresponding mass retail mania or a sharp, frenzied spike in price. Instead, these significant transfers have occurred during a period where the broader cryptocurrency market has faced steady pressure. The on-chain signals clearly show the coins have moved, but the blockchain itself does not record the reasons—whether for profit-taking, custody upgrades, private over-the-counter trades, or to collateralize new financial products.

The pattern illuminated by this on-chain data suggests a pivotal “changing of the guard.” Early adopters and true believers, who historically held through multiple boom-and-bust cycles while championing Bitcoin’s scarcity and principles of self-custody, appear to be systematically trimming their positions. Their gradual exit is creating space for a new class of market participants. The buyers stepping into the gaps are characterized as institutions, fresh large accounts (new “whales”), and traders whose actions are more directly driven by price swings and macroeconomic headlines.

This transition is being accelerated by external global risk pressures. Research has linked recent weakness in Bitcoin and other risk assets to policy uncertainties, including tariff moves proposed by former US President Donald Trump. Such geopolitical actions can dampen corporate profit outlooks, stir inflation fears, and alter market expectations for future interest rates—a combination that sours sentiment toward speculative investments. When traditional markets wobble under these stresses, cryptocurrency often follows, providing a context for why long-term holders chose this moment to move their assets without the cushion of a hyped market.

The critical test for the market has been whether new demand could absorb this historic supply release. According to on-chain and price data, the answer appears to be yes. Despite the outflow from long-term holders, Bitcoin has maintained resilience, trading in the high $80,000 range with recent figures around $89,140 as markets test underlying demand. The fact that the market did not collapse under this selling pressure demonstrates sustained appetite, albeit from a different source.

This cycle is marked by a distinct lack of euphoria on both sides of the trade. The selling from veterans has been deliberate, not manic. Conversely, the buying from institutions and new whales looks more calculated and tactical. This shift toward price-sensitive participants and greater influence from outside financial forces could fundamentally alter future market volatility and price discovery. The recent calm may represent a consolidation phase before a new wave of institutional buying, or it may solidify a new, more mature market structure. Regardless, these on-chain moves are decisive: they permanently change where the coins are held, which in turn changes how future price swings will play out for all market participants.