Bitcoin’s Older Holders Are on the Move Again as Spending Activity Surges to $4.02 Billion

In a major occurrence for those observing the Bitcoin market, the movement of BTC by long-term holders has surged once more, signifying a possible change in investor sentiment or strategy.

Data reveals that holders of Bitcoin who have kept their coins for a period of 1 to 5 years expended a sum of $4.02 billion worth of BTC in the last few days—the highest recorded since February 2025. This new wave of spending implies that the veterans of the Bitcoin investing scene have either returned to the market or are making some reallocations in their portfolios.

The recent upturn in the spending of older coins marks only the fifth event this cycle where 1–5 year old coins have been spent at such a high rate. That puts it behind notable peaks in October 2022, March 2022, February 2023, and November 2023. This recent uptick, however, has a good chance to at least pay lip service to the current market narrative that has otherwise been just focused on the short-term volatility of BTC and influences like inflation and regulatory pressures.

Analyzing the data shows that the 3-5 year cohort was chiefly responsible for this surge. They moved $2.16 billion in BTC, making this cohort’s second-largest outflow in this market cycle. The only outflow in this cycle larger than this one was the $6 billion that they moved back in March 2024. This makes it look like the holders in this cohort—who we suspect bought their Bitcoins between 2020 and 2022—are the ones taking profits (or doing something shadier) and are the main Bitcoin movers in this market.

Following on from the 3–5 year cohort are holders in the 2–3 year range, who contributed $1.41 billion to the overall total. These coins likely stem from the late 2021 to early 2022 bull market, which saw prices rise to then-record levels. The smallest contributor to this recent surge was the 1–2 year group, who moved $450 million worth of BTC. While still significant, this amount is dramatically less than the activity seen from older cohorts, suggesting that more recently acquired holdings are being held more tightly or with different strategic intent.

The latest outflow, totaling $4.02 billion, has put recent activity in the Bitcoin market among the most significant movements in the current cycle, which began after the bottom of the 2022 bear market. When we look at the movement from May 2025, here is how it stacks up to earlier peak performance periods:

1. March 1, 2025 — $6.61 billion

2. February 1, 2025 — $3.86 billion

3. January 1, 2025 — $5.09 billion

4. October 1, 2024 — $4.04 billion

5. September 1, 2024 — $4.02 billion

• October 2024: $9.25 billion (mainly the 1–2 year group)
• March 2024: $6.11 billion (from 2–3 year holders)
• February 2025: $5.42 billion (led by the 2–3 year group)
• November 2024: $4.39 billion (3–5 year holders)
• May 2025: $4.02 billion (also led by the 3–5 year group)

The current event is noticeable not only for its volume but also for the cohort that is leading it. Holders of coins for 3 to 5 years who are now moving significant sums could suggest one of two things. First, they could be surging confidence in the current price levels. More significantly, though, it could reflect concerns about some impending market uncertainty. If history is any guide, older coins moving at scale tend to precede structural shifts—either to the upside or downside.

Long-term holders’ activities have long been seen as a key indicator of market sentiment. These players are generally not very responsive to (or influenced by) short-term price movements and tend to play the market in a more strategic way. So when they make a move, it seems a signal has been sent that one ought to pay attention to—and it also gets considered as quite meaningful in the context of market psychology.

Although some analysts view this recent movement as a potential profit-taking signal following BTC’s stellar performance over the last 12 months, others think it might be pointing to something far less ephemeral, mainly institutionally driven. They’re looking at moves by long-term holders of Bitcoin and interpreting them as evidence of portfolio rebalancing, some good old-fashioned right-shifting of the asset allocation pyramid, and anticipation of economic shifts.

Industry watchers will be focused on whether this development persists or whether it represents a temporary blip. In any event, the rise in outlays from Bitcoin’s vintage demographic pumps fresh vigor into the marketplace and sets up a series of intriguing “what ifs” with respect to the future of the preeminent digital currency.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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