Bitcoin Long-Term Holder Supply Reaches Record High as Bear Market Exit Signals Emerge

Bitcoin has recovered around 6% over the past week after suffering two consecutive weeks of double digit declines. While the cryptocurrency remains near the $65,000 level, new onchain data suggests the market may be moving closer to the end of its bear cycle.

According to market research from K33, long-term holders now control 79% of Bitcoin’s circulating supply, the highest level ever recorded. Analysts say this trend reflects continued accumulation and reduced selling pressure from experienced investors.

Old Bitcoin Supply Remains Largely Inactive

K33 Head of Research Vetle Lunde noted that only 218,421 BTC aged two years or more had been reactivated by June 6, 2026. By comparison, more than 1.18 million BTC from the same age group had been reactivated by the same date in 2024. The low movement of older coins suggests many investors are choosing to hold rather than sell despite recent market weakness.

Trading Activity Falls as Market Stabilizes

Lunde said trading volumes have dropped back toward yearly lows, a pattern often seen near the later stages of bear markets. Exchange-traded fund outflows, which contributed to recent weakness, have also eased.

Federal Reserve Decision Remains Key Risk

Despite the improving signals, some analysts remain cautious, arguing that institutional demand and stablecoin growth have yet to confirm a lasting recovery. Market attention is now focused on the latest Federal Open Market Committee meeting, with investors watching closely for comments from Federal Reserve Chair Kevin Warsh that could influence Bitcoin and broader risk markets.