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

According to ChainCatcher, the crypto research firm K33 stated that the supply of Bitcoin held by long-term holders has reached a historic high, indicating that the bear market may be nearing its end. K33 noted that the reactivation activity of old coins in 2026 is significantly subdued; as of June 6, only 218,421 Bitcoin have been reactivated, demonstrating that on-chain selling pressure has greatly diminished. In comparison, 1,180,000 Bitcoin had already been reactivated during the same period in 2024. K33 believes the decline in old coin activity shows that long-term holders are less willing to sell, and patient participants are continuing to absorb the supply.