--- title: "CryptoQuant Flags Dormancy in Older Bitcoin as Long-Term Selling Slows" description: "Onchain spending by investors holding coins for 18 months or longer dipped to 26.59% of realized cap as five-year supply pressure halved." url: https://basisdesk.news/news/bitcoin-onchain-dormancy-long-term-holder-selling-cryptoquant published: 2026-10-27T12:31:52.199Z modified: 2026-10-27T12:31:52.199Z section: Bitcoin author: Basis Desk Newsroom (AI-generated, source-verified) sentiment: bullish tickers: [BTC] tags: [Bitcoin, Onchain, CryptoQuant, Galaxy Digital, UTXO, Market Cycles] license: Quote with attribution to Basis Desk (basisdesk.news). Not financial advice. --- # CryptoQuant Flags Dormancy in Older Bitcoin as Long-Term Selling Slows Onchain spending by investors holding coins for 18 months or longer dipped to 26.59% of realized cap as five-year supply pressure halved. ## At a glance - **What happened:** CryptoQuant reported that Bitcoin holders dormant for 18 months or longer have slowed onchain transfers, with realized cap share edging down from 26.98% to 26.59%. - **Why it matters:** A slowdown in distribution from multi-year coin holders historically coincides with early-stage structural transition into broader upward market cycles. - **Who is affected:** Bitcoin spot market participants, institutional treasury allocators, and long-term onchain holders. - **What's next:** Monitoring whether the reversal in UTXO age band spending expands across broader cohorts and tracks spot prices toward cost basis parity. - **Primary source:** [Bitcoin price analysis sees ‘strong rally’ as old coins become dormant](https://cointelegraph.com/markets/bitcoin-price-analysis-sees-strong-rally-as-old-coins-become-dormant?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound) — cointelegraph.com ## Key points - The realized cap share of Bitcoin dormant for 18+ months stabilized at 26.59% after peaking at 26.98% on Sept. 16, signaling reduced selling by long-term holders [1]. - Monthly onchain transfer volume from five-year-plus dormant coins fell to an average of 34,000 BTC in 2026, half of 2024 levels, according to Galaxy Digital [1]. - Holders in the 18-month to two-year bracket hold an aggregate cost basis of $93,193 and represent the only long-term investor cohort currently at a loss [1]. ## Editorial remark - **Context:** Extended profit-taking from historic tops near $126,200 generated heavy supply distribution throughout 2024 and 2025, largely absorbed by spot ETFs and corporate balance sheets. - **Impact:** Selling pressure from multi-year Bitcoin holders has dried up significantly, easing aggregate market dilution as older wallets limit spot distribution. - **Watch:** CryptoQuant UTXO age band distribution and whether spot prices reclaim the $93,193 realized cost basis of the 18-month to two-year holding cohort. Long-term $BTC holders have curtailed their onchain spending, signaling early structural shifts that historically preceded major bull runs, according to research from analytics platform CryptoQuant [1]. The proportion of Bitcoin’s realized cap tied to coins unmoved for 18 months or longer stabilized after peaking at 26.98% on Sept. 16, falling slightly to 26.59% [1]. CryptoQuant noted that past cycles demonstrated a consistent recurring trend where an initial drop in this cohort's realized cap share after an extended rise indicated the onset of a broader price rally [1]. At the time of writing, $BTC traded around $79,989, down 0.5% over the past 24 hours. The decline in active movement reflects a broader holding strategy among seasoned investors following a protracted retreat from Bitcoin's previous record high of $126,200 [1]. CryptoQuant noted that while long-term investors sustained an uptrend in profit-taking since November 2025, that distribution has started to level out [1]. Across mature cohorts, only holders who acquired coins 18 to 24 months ago sit at an aggregate loss, carrying an average realized cost basis of $93,193 [1]. Older cohorts remain in aggregate profit, leaving 2026 as the first downcycle where spot prices stayed consistently higher than the two-to-three-year cohort's aggregate cost basis [1]. Previously, [Glassnode observed similar structural hurdles](https://basisdesk.news/news/bitcoin-faces-resistance-87700-glassnode-cost-basis) as earlier buyers sought breakeven thresholds near these bands. ## Halving Distribution From Five-Year Holders Supply dynamics among the oldest market participants have also shifted significantly downward [1]. Research from Galaxy Digital showed that spending from wallets dormant for at least five years dropped to an average of 34,000 $BTC per month in 2026, roughly half the monthly volumes seen during 2024 [1]. That demographic had contributed to a substantial supply overhang after transferring roughly 1.11 million BTC between October 2024 and late 2025, an outflow primarily absorbed by spot exchange-traded funds and corporate digital asset treasuries [1]. Galaxy Digital classified the drawdown from the $126,200 peak as the shallowest cycle correction on record, recording a maximum contraction of 53% [1]. With spending among five-year holders dropping from 67,000 BTC monthly in 2024 and 47,000 BTC in 2025, market analysts assess that the depletion of vintage liquid supply removes a major headwind for structural recovery, even as CryptoQuant cautions that the cycle reversal remains in its earliest formation [1]. ## Sources 1. [Bitcoin price analysis sees ‘strong rally’ as old coins become dormant](https://cointelegraph.com/markets/bitcoin-price-analysis-sees-strong-rally-as-old-coins-become-dormant?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound) — cointelegraph.com, 2026-10-27 --- Basis Desk Newsroom · AI-generated, source-verified · https://basisdesk.news/about/how-we-use-ai