K33: Bitcoin supply held by long-term holders hits historic high, bear market may be coming to an end According to Foresight News, according to The Block, cryptocurrency research firm K33 has stated that the supply of Bitcoin held by long-term holders has reached a historic high, indicating that the bear market may be nearing its end. \According to its explanation, a significant feature of the 2024-2025 cycle is the reactivation of a large number of old coins and their potential sale when prices reach historical highs, while 2026 saw an unusually low reactivation of old coins (especially those over two years old). \As of June 6th, only 218421 bitcoins have been reactivated, indicating a significant reduction in on chain selling pressure. As of June 6th, the only year in which old coins have been reactivated below this level was 2012, when only 70600 bitcoins over two years old were reactivated. In contrast, as of June 6, 2024, 1.18 million bitcoins have been reactivated, indicating a significant difference in on chain selling pressure between 2026 and the past two years. The decline in old coin activity indicates a decrease in the intention of long-term holders to sell, and patient participants are steadily absorbing the supply.