Since 2025, the Bitcoin market has been a tug-of-war between steady institutional buying and long-term holders distributing coins to these new entrants. Heading into 2026, long-term holder selling has moderated somewhat, with the 1-year+ holding wave ticking up, coinciding with the recent price rally. That said, there is still no clear evidence that long-term holders' distribution is complete; whether the move reflect a relief rally or a sustained trend change remain to be seen.(BloFin Research)