Bitcoin price analysis sees ‘strong rally’ as old coins become dormant
Summary
CryptoQuant data suggests Bitcoin’s long-term holders are becoming less active, a pattern it says has preceded bull markets. The 18-month-plus cohort’s share of realized cap reached 26.98% on Sept. 16, its highest since November 2024, though the shift remains modest. CryptoQuant describes the market as being in the early stages of a bullish cycle. Galaxy Digital reported that Bitcoin’s maximum drawdown from its 2025 high of $126,200 was 53%, the shallowest on record. Selling by holders of coins dormant for five years or more has also slowed: monthly supply averaged 34,000 BTC in 2026, versus 47,000 in 2025 and 67,000 in 2024.
