Yeliz Akmaca 
After the recent Bitcoin rally, the price has started to decline. Meanwhile, long-term holders have begun moving BTC from their wallets again. Recent data shows a significant outflow from Bitcoins held for three to five years. This indicates that investors are either taking profits or adjusting their positions with a new strategy.
Long-Term Bitcoin Activity Increasing
Glassnode data reveals that the spending volume of Bitcoins held for one to five years has risen to $4.02 billion. This marks the highest level since February and represents the fifth largest spending wave of the bull market.
Since the start of this bull market, old Bitcoin holders have sold large amounts of BTC after each rally. Investors spent significant amounts of BTC in March, October, November 2024, and February 2025.
Spending by older $BTC holders is heating up again. Aggregate volume from the 1y–5y cohorts just hit $4.02B – the highest since February.
Older coins are on the move 🧵👇 pic.twitter.com/jhMETQFJdB— glassnode (@glassnode) May 28, 2025
The largest spending in this cycle occurred in October 2024, reaching $9.25 billion. Most of the sales came from investors holding BTC between one and two years. The second and third largest spending waves were in March 2024 ($6.11 billion) and February 2025 ($5.42 billion). During this period, the most active group was investors holding BTC for two to three years. The fourth largest spending was in November 2024, with $4.39 billion spent by investors holding BTC for three to five years.
Especially, Bitcoin holders with three to five years of holding dominated this period. Their activity alone was measured at $2.16 billion, the second largest sale in the cycle. The largest sale was $6 billion in March 2024. Meanwhile, those holding BTC for two to three years spent $1.41 billion, and holders between one and two years spent $450 million. Previous major movements occurred in October, November 2024, and February 2025, where similar selling waves followed price increases.
Old wallet holders are either taking profits or repositioning. CoinMarketCap data shows the price dropped over 4% from $111,970. At the time of writing, BTC was around $107,540, down about 3% weekly and 1.2% daily. If the aim is to change strategy, BTC may consolidate further. However, if it’s profit-taking, the price could fall below $106,000.
***NOT INVESTMENT ADVICE ***
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.