BitcoinIt was stated that the selling pressure of long-term investors may have approached saturation after a multi-year distribution process. Research and brokerage company K33In its report dated December 16, it was stated that the BTC supply older than two years has decreased steadily since 2024, and approximately 1.6 million BTC (approximately 138 billion dollars at current prices) were reactivated during this period. K33 Head of Research Vetle Lundeargued that the resulting scale indicates meaningful distribution rather than technical wallet movements.
Selling Trails Strengthen as More Than Two-Year-Old Supply Unravels
According to Lunde, held on unspent outputs older than two years since 2024 BTC The decrease in the amount produced a strong signal that early investors were turning to selling within the Blockchain. Although factors such as GBTC’s transformation from a closed-end structure to a spot ETF format, wallet consolidation and address upgrades for security purposes explain some movements, K33’s report emphasized that the total amount of revival cannot be fully explained by these headings.
The report positioned 2024 and 2025 as the second and third largest years in Bitcoin history in terms of long-term supply returning to circulation. Only 2017 marks a higher period. Lunde, the wave in 2017 altcoin He stated that transactions were strengthened by dynamics such as ICO participation and protocol incentives, and that in the current cycle, direct sales took place against a deeper liquidity pool.
K33 also pointed to large transactions that were considered evidence. galaxy Over-the-counter sales of 80,000 BTC were completed in July, and 24,000 BTC were sold in August. Ethereum These large transactions include the sale in which it was exchanged with and another sale of approximately 11,000 BTC in the October–November period. It was stated that it could play a decisive role in Bitcoin’s relatively weak performance in 2025, when movements of similar size become common.
As Corporate Liquidity Increases, the Search for Balance Increases
According to K33, the current wave is spot Bitcoin ETFThanks to the liquidity created by its assets and the significant demand from company treasuries, it has made it easier for long-term investors to take profits at six-figure prices. The report noted that in 2025 alone, approximately $300 billion worth of BTC from the supply of one year or more will return to circulation. It was stated that this reduced investor concentration and created new reference prices for a significant part of the supply in circulation.
Looking ahead, K33 expects sales pressure to ease. Recalling that approximately 20 percent of the total supply has been reactivated in the last two years, Lunde said that he expects the intra-Blockchain sales pressure to approach saturation. K33 suggested that the two-year supply would end the downtrend and could occur above the current level of approximately 12.16 million BTC by the close of 2026.
The report also brought forward the effects of portfolio rebalancing as the end of the quarter approaches. Lunde noted that historically Bitcoin can tend to move in the opposite direction of the previous quarter at the beginning of a new quarter. He stated that since Bitcoin was significantly behind compared to other asset classes in the 4th quarter, managers working with a fixed target weight could create a buying flow in late December and early January. However, the warning that supply revival can generally peak close to market peaks was also maintained. Still, integration into mainstream finance through ETFs, advisor platforms and clearer regulatory frameworks could make the demand floor more resilient when distribution pressures weaken.
CryptoAppsy According to data, Bitcoin is trading at $87,115, with a decrease of 0.22 percent in the last 24 hours, at the time of writing. Biggest data cryptocurrencyIt reveals that TL decreased by 5.39 percent in the last 7 days.
